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Solana Memecoins Rally Attracts Investors and Generates Impressive Profits

03/01/2024 23:04

SOL

5.05%

According to CryptoPotato, Solana has experienced a significant resurgence, becoming one of the hottest cryptocurrencies in recent weeks. The digital asset has seen a remarkable surge, soaring by over 775% in the last year, attracting investors eager to leverage its impressive rally, which in turn has pumped several tokens based on the Solana blockchain. A trader managed to generate approximately 2,250 SOL, equivalent to about $245,000, within a span of five days, starting with an initial investment of 4 SOL, according to data from blockchain analytics platform Lookonchain. The trader reportedly spotted BORK, a memecoin on the Solana blockchain, within 10 minutes of opening trading. Using 4 SOL, the trader purchased 1.2 billion BORK and subsequently sold 888 million for 1,454 SOL. As of now, the trader holds 311.4 million BORK, which is valued at approximately 800 SOL. This comes as BORK rallied over 600% in the past day alone amidst a broader recovery of memecoins on the Solana network. The memecoin frenzy has triggered profit-taking from early investors in these projects, likely capitalizing on significant returns from their initial positions as prices surged. Lookonchain revealed that a smart trader traded 27 memecoins on Layer 1 blockchain in 11 days, 21 of which were profitable. He made a total of nearly $77.7K, with a win rate of 78%. Last month, another Solana investor reaped almost $2 million in profits by investing in yet another memecoin with just 1.5 SOL. The individual discovered Silly Dragon (SILLY), a memecoin featuring a whimsical dragon as its mascot. Within five minutes of the memecoin entering the market, the trader exchanged 1 SOL, valued at approximately $62 at that time, for 43 million SILLY tokens. Over the next 22 days, the value of the tokens surged to around $2 million as SILLY reached new highs, achieving a market capitalization exceeding $123 million. As investors resorted to profit-taking, several memecoins on Solana have experienced pullbacks lately.

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