The trader profited more than 993 times their initial investment on memecoin which sparked allegations of insider trading
Within eight hours, a shrewd trader generated a profit of $2.26 million from Solana tokens worth $2,275.
The wallet of the memecoin trader, identified as “Sunday Funday. sol,” witnessed a profit of more than 993 times its initial investment of 13 Solana (SOL:$177).
token investment into the newly-launched memecoin 1DOL, per a post by Lookonchain dated 19 May:
“8 hours ago, He spent 13 $SOL ($2,275) to buy 242M #1DOL, which is currently worth $2.26M!”
Since the halving of Bitcoin, meme coins such as Dogwifhat (WIF) and Pepe (PEPE:$0.000009) have gained significant attention. Despite lacking any fundamental utility, memecoins frequently attain valuations in the billions of dollars, enabling confident investors to amass fortunes.
It is not coincidental that the wallet is the most prominent presale participant of the Book of Memes (BOME) token, which explains the gain of over 900x. At presale, the trader acquired BOME tokens worth more than $72,000; at their zenith value, they were worth more than $40 million.
Lookonchain reports that despite taking profits on a portion of his holdings, the trader continues to be the largest BOME holder:
“He sold 530 billion $BOME for 38,305 $SOL ($7.66M) and currently holds 894 billion $BOME ($10.5 million), still the largest individual holder of $BOME.”
The 1DOL memecoin debuted on May 18 and peaked the following day at $0.018 before plummeting to its current value of $0.004. 1DOL has declined by more than 43% over the past twenty-four hours, demonstrating the volatility of memecoin trading.
The 1DOL token garnered considerable attention, notwithstanding its absence of a website and the prohibition of an X account. The lucrative transaction incited accusations of money laundering and covert trading among cryptocurrency enthusiasts on social media platforms.
Others highlighted the trading pool’s current low liquidity of SOL tokens worth $291,000, which would prevent the trader from cashing out all of his proceeds without further depreciating the price of 1DOL.
Memecoin Trend Highlights Youth’s Shift in Financial Attitudes
The savvy pepe traders’ holdings comprise over 99 percent of the WIF memecoin, domiciled in Solana. CoinStats data indicates that the wallet is stocked with over $15.8 million worth of WIF, valued at over $42 million at its peak.
The wallet peaked in value on April 1 at more than $172 million. Nevertheless, it has declined by over $75 million, or $47 million, in the last month.
A second astute Pepe trader amassed $46 million from $3,000 last week through the memecoin’s trading. The Pepe price increased in response to the resumption of the GameStop saga, and the traders earned a return on their initial investment of over 15,718 times.
According to Hao Yang, the director of financial products at Bybit exchange, the meteoric rise of memecoins indicates that a younger generation is disillusioned with the existing fiscal system.
“The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear.”
