The post Solana Meme Coin Gamble Pays Off, Mystery Trader Makes $5.7 Million appeared on BitcoinEthereumNews.com.

An anonymous crypto trader turns 30 Solana into $5.7 million in under a week. The trader used SOL to buy 16 billion ANALOS meme tokens, then sold 14.5 billion for USDC. SOL-based meme coins like ANALOS are surging, while larger meme coins like DOGE and SHIB see prices drop. An anonymous cryptocurrency trader recently scored a massive profit of over 2,570x in less than a week, converting a modest 30 Solana tokens into $5.7 million. The windfalls showcase how savvy speculation on surging meme coins can result in staggering short-term gains. According to the on-chain data analytics account Lookonchain, the unnamed trader did not actually trade Solana (SOL) itself to accumulate such wealth. Rather, they initially used 30 SOL—worth around $2,220 at the time—to purchase a sizable quantity of ANALOS. Solanas based ANALOS surged in popularity ANALOS is a recently launched meme token built on the Solana blockchain, which has seen its price explode by 268% in the past week. The trader leveraged the mania by buying up 16 billion of the tokens six days ago. After the purchase, ANALOS continued its parabolic rise, surging 148% in a single day earlier this week, per the tracker. As the token peaked, the trader began dumping their newfound supply across four separate wallets. In total, they sold off 14.5 billion ANALOS for 3.45 million in USDC stablecoins. As of now, over 1.56 billion ANALOS remain spread across their wallets, still worth a collective $2.34 million. Factoring in previous sales, total profit sits at an incredible $5.7 million. The episode highlights the money flowing into Solana-based meme tokens as copycats emerge trying to mimic breakouts like DOGE and SHIB in 2021. New arrivals like ANALOS, BONK, and Dogwifhat have all seen triple-digit returns amidst the hype. At the same time, OG memes DOGE…

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Filed under: News - @ December 26, 2023 10:06 pm