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Home»ALTCOIN NEWS»Memecoin Trader Earns Over $1,600,000 in Profits in 14 Hours After Early Accumulation of Solana Altcoin: Lookonchain
ALTCOIN NEWS

Memecoin Trader Earns Over $1,600,000 in Profits in 14 Hours After Early Accumulation of Solana Altcoin: Lookonchain

By Crypto FlexsJanuary 29, 20242 Mins Read
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Memecoin Trader Earns Over ,600,000 in Profits in 14 Hours After Early Accumulation of Solana Altcoin: Lookonchain
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According to on-chain data, one trader earned over $1.6 million in profits after participating early in one of the latest memecoin trends on the Solana (SOL) blockchain.

As first reported by blockchain tracking firm Lookonchain, a trader made huge profits by taking a long position in Wen (WEN), a memecoin built on Solana.

Lookonchain says the trader made $682,000 in USDC and has an additional $941,000 in unrealized profits still sitting in his wallet.

“In just 14 hours, this trader made over $1.6 million trading MEME Coin WEN!

He spent 125,500 USDC to buy 20 billion WEN when WEN opened for trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000.

It currently holds 7.6 billion WEN ($941,000), with unrealized profits of $941,000.”

source: LookOnChain/X

As of this writing, WEN is trading at $0.000142 with a market capitalization of $142.34 million.

Following Solana’s massive 2023 rally, memecoins have been in the spotlight as several coins within the Ethereum (ETH) competitor ecosystem have exploded over the past few months, including Dogecoin (DOGE) competitor BONK.

Look on chain reported Earlier this month, profitable BONK traders bought over 3 billion BONK after the drop.

“After making ~$6.9M in BONK, this smart trader spent 386 SOL ($40,000) to buy back 3.29B BONK (January 9th)!

He accumulated 371.4 billion BONK in 9 months at a cost of only 6,998 SOL ($276,000) and sold half of his BONK during the BONK surge for 50,139 SOL ($5.2 million).”

video
Source: Lookonchain/X

As of this writing, BONK is trading at $0.000012 with a market capitalization of $712.818 million.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Featured image: Shutterstock/cgterminal/LongQuattro

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