Saad Ullah
A trader transforms $2,275 worth of Solana (SOL) into $2.26 million in eight hours with the newly launched memecoin 1DOL, igniting insider trading allegations.
Trader Makes 993-Fold Gain with SOL Investment in 1DOL
A skilled trader, using the wallet 'sundayfunday.sol,' has turned a modest $2,275 investment in Solana (SOL) into a staggering $2.26 million in just eight hours by trading the newly-launched memecoin 1DOL. This incredible 993-fold gain has drawn significant attention and speculation from the crypto community.
The rapid rise of 1DOL, from its launch on May 18 to a peak of $0.018 the following day, highlights the volatile yet lucrative nature of memecoin trading. Despite the token's value dropping over 43% in the past 24 hours, it remains a topic of intense interest among investors. Memecoins, often lacking underlying utility, have repeatedly reached multibillion-dollar valuations, turning early adopters into millionaires.
Largest BOME Holder Raises Eyebrows
This trader's success isn't limited to 1DOL. As the largest pre-sale participant of the Book of Memes (BOME) token, he invested over $72,000 worth of SOL, which peaked at a value of over $40 million. Despite taking some profits, he remains the largest individual holder of BOME, currently holding 894 billion BOME tokens valued at $10.5 million.
The trader's remarkable profit from 1DOL has sparked allegations of insider trading and money laundering within the crypto community. Critics also point to the low liquidity of the trading pool, valued at $291,000 in Solana tokens, suggesting that cashing out such substantial profits could significantly impact the coin's price.
The success stories of traders like those dealing with 1DOL and Pepe (PEPE) memecoins reflect a broader trend among young investors. Hao Yang, head of financial products at Bybit exchange, commented on this phenomenon, likening the memecoin craze to a form of financial rebellion akin to punk rock. He suggests that young investors, disillusioned with the opportunities available to previous generations, are turning to these high-risk, high-reward assets.
Massive Returns Amid Memecoin Frenzy
In addition to the sundayfunday.sol trader, another notable memecoin success story involves a trader turning $3,000 into $46 million with Pepe (PEPE), achieving a 15,718-fold return. These extraordinary gains exemplify the potential rewards of memecoin trading, despite its inherent risks and volatility.
As of now, the sundayfunday.sol wallet holds over $15.8 million worth of the Solana-based memecoin WIF, although its peak value was over $42 million. The wallet's total value reached an impressive $172 million on April 1, but has since decreased by 75%, currently standing at around $47 million.
These stories of rapid wealth generation underscore the speculative nature of memecoins and their growing impact on the crypto market, reflecting a generational shift towards alternative financial opportunities.
Saad Ullah
