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