A meme coin trader has reportedly cashed out over $22 million in profits from multiple positions in meme-themed tokens on the Solana blockchain.

According to blockchain analysis firm Lookonchain, the actions of a trader identified as “paulo.sol” on the Solana Name Service account were flagged on April 26.

Meme Coin Trader Profits Over $22 Million

The meme coin trader achieved profitable outcomes from assets like Dogwifhat (WIF), Jeo Boden (BODEN), and Bonk (BONK).

They initiated their investment in BONK as early as November 11, 2023, after observing its upward trajectory. Employing a strategy of purchasing during downturns and selling during peaks, they executed swing trades, resulting in an accumulation of approximately $6.28 million in profits from trading BONK.

What a legend!

paulo.sol has realized profits of $9.51M on $WIF, $7.04M on $boden and $6.28M on $BONK.

1/ Let’s dig into his trades to see what he’s buying. pic.twitter.com/2axUwHb3el

— Lookonchain (@lookonchain) April 26, 2024

Recognizing the potential in WIF and BODEN, the trader didn’t enter these tokens at launch but started accumulating them during upward movements. They purchased WIF on December 4, 2023, and initiated BODEN trades on March 6. As a result, the trader realized profits of $9.51 million from WIF trades and $7.04 million from BODEN transactions.

They got approximately $22.83 million from flipping Solana-based meme tokens. While significant profits have already been secured, the trader currently has $7.6 million in BODEN tokens and $5.7 million in WIF.

Furthermore, the trader expanded their meme coin portfolio by investing in additional tokens. They allocated $1.77 million to POPCAT and nearly $6 million to PUPS, subsequently becoming the largest holder of PUPS on the Solana blockchain.

Traders Capitalize on Solana Meme Coin Frenzy

Community members have applauded the trader for the impressive moves in the crypto market. One user noted that the trader’s success was not merely luck but rather a demonstration of their unwavering belief compared to others.

Another user commended the trader for exhibiting “diamond” hands, a term used to describe traders who can maintain their positions even in challenging market conditions.

The trader is among many who have profited from the Solana meme coin frenzy. On April 3, another trader turned $13,000 into $2 million within one hour. In this case, they purchased 499.9 million MOEW using 4 Ether just 10 minutes after MOEW was listed on decentralized exchanges (DEXs). Less than an hour later, they sold 111.65 million MOEW for 99 ETH ($328,000) and were left with 388.24 million MOEW.

The post Trader Made $23M Flipping Solana Meme Coins: Details appeared first on CryptoPotato.

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Filed under: Bitcoin - @ April 27, 2024 4:11 am