Trader Turns $2.2k into $2.26 Million in Just Hours with Memecoin Investment
In a jaw-dropping turn of events, a trader known as “sundayfunday.sol” managed to turn a mere $2,275 investment in Solana (SOL) tokens into a staggering $2.26 million in just eight hours. The trader achieved this remarkable feat by investing in the newly launched memecoin 1DOL, seeing a return of over 993 times their initial investment.
This is not the first time “sundayfunday.sol” has struck gold with memecoins. The trader previously invested over $72,000 in Book of Memes (BOME) tokens during its presale, which peaked at a value of over $40 million. Despite selling 530 billion BOME for $7.66 million, “sundayfunday.sol” still holds 894 billion of the token, currently valued at $10.5 million, making them the largest individual holder of BOME.
However, the success of the 1DOL trade has sparked allegations of insider trading and money laundering. Additionally, concerns have been raised about the low liquidity of the trading pool, valued at $291,000 in SOL tokens, potentially making it difficult for the trader to cash out their profits without impacting 1DOL’s price significantly.
While such trades can lead to substantial gains, they also come with risks such as market manipulation allegations and liquidity challenges. In related news, a group of crypto enthusiasts recently launched the memecoin NotWifGary (NWG), inspired by the regulatory uncertainty surrounding the crypto community and the US Securities and Exchange Commission’s chair Gary Gensler.
With a background in Economics and a deep understanding of the FinTech industry, “sundayfunday.sol” has proven to be a savvy investor in the world of memecoins. As the crypto market continues to evolve, traders like “sundayfunday.sol” showcase both the potential rewards and risks associated with these high-risk investments.
