A trader pulled off an incredible feat, turning a modest investment into a massive windfall, but it’s stirred up some controversy.
In a stunning move, a trader known as “sundayfunday.sol” managed to transform $2,275 worth of Solana tokens into a staggering $2.26 million profit in just eight hours.
According to a post by Lookonchain, the trader’s wallet made an eye-popping gain of over 993 times on their initial investment by getting into the newly-launched memecoin 1DOL.
Memecoins like Dogwifhat (WIF) and Pepe have been making headlines since the Bitcoin halving. Despite lacking any real utility, these coins often soar to multibillion-dollar valuations, turning some investors into millionaires.
But this astronomical gain isn’t the trader’s first rodeo. They also made a hefty investment in the pre-sale of the Book of Memes (BOME) token, initially putting in over $72,000, which soared to over $40 million at its peak.
Despite cashing out some profits, the trader still holds the title of the largest BOME holder, according to Lookonchain.
The 1DOL memecoin, launched on May 18, saw a rapid rise to $0.018 before dropping to its current value of $0.004. This volatility is a common feature of memecoin trading, as seen on CoinMarketCap.
The profitable trade sparked accusations of insider trading and money laundering from crypto enthusiasts on social media. Some pointed out the trading pool’s limited liquidity, which could make it difficult for the trader to cash out without affecting 1DOL’s price.
The frenzy surrounding memecoins highlights the disillusionment of younger generations with the traditional financial system. Over 99% of the trader’s holdings are in the Solana-based WIF memecoin, reflecting a trend among young investors seeking alternative opportunities.
The head of financial products at Bybit exchange, Hao Yang, sees memecoins as a symbol of discontent among young investors who feel the opportunities available to their parents are slipping away, akin to the rise of punk rock in response to societal frustrations.
