Solana Memecoin Trader Nets Over $1.6 Million in Gains within 14 Hours

A savvy trader on the Solana (SOL) blockchain has reportedly garnered substantial gains, exceeding $1.6 million, through early accumulation and trading of a memecoin, WEN, as per on-chain data from Lookonchain.

Impressive Trading Results

Lookonchain revealed that the trader achieved exceptional results, making $682,000 in USDC and holding an additional $941,000 in unrealized profits in their wallet. The trader entered the market swiftly, investing 125,500 USDC to acquire 20 billion WEN during the early stages of WEN's trading. Subsequently, they sold 12.5 billion WEN for 807,000 USDC, realizing a profit of $682,000. Currently, the trader still holds 7.6 billion WEN, valued at $941,000, with unrealized profits.

WEN's Current Status

At the time of reporting, WEN is trading at $0.000142 with a market cap of $142.34 million. The significant gains made by the trader highlight the volatile and lucrative nature of memecoin trading within the Solana ecosystem.

Source:Lookonchain/X

Memecoins on Solana's Radar

Solana has gained prominence, particularly in 2023, with several memecoins in its ecosystem witnessing notable rallies. The trend extends beyond Solana, with memecoins like BONK, a competitor to Dogecoin (DOGE), experiencing substantial growth within the Ethereum (ETH) rival's network.

Profitable BONK Trader's Strategy

Lookonchain previously reported a profitable BONK trader who accumulated over three billion BONK after a dip. This trader spent 386 SOL ($40,000) to purchase 3.29 billion BONK, accumulating a total of 371.4 billion BONK in nine months at a cost of only 6,998 SOL ($276,000). The trader sold half of the BONK during a surge, earning 50,139 SOL ($5.2 million).

Current BONK Status

At the time of writing, BONK is trading at $0.000012 with a market cap of $712.818 million. These memecoin success stories underscore the speculative and dynamic nature of the cryptocurrency market, especially within the rapidly evolving Solana ecosystem.

Source: Lookonchain/X