An investor on Solana recently turned $242 into $250,000 trading Solana-based memecoin MELON in less than a day, representing a 103,205% return on investment (ROI).
Lookonchain, a prominent blockchain surveillance resource, recently drew the public’s attention to the recent development in a post on X. On-chain data confirms that the trader in question began this profitable journey yesterday by leveraging MELON, a Solana-based memecoin.
Details of the Transactions
Notably, the investor purchased 38.5 million MELON tokens worth $242 at the time with 3 Solana (SOL) tokens. At the time of this purchase, the MELON/SOL pair changed hands at one of its lowest values, giving the trader an opportunity to dump 3 SOL for the massive amount of MELON tokens.
They executed the trade in two transactions. One transaction involved the purchase of 21,538,158 MELON for 1.5 SOL, while the other saw the procurement of 16,951,948 MELON for another 1.5 SOL.
A few hours after the purchases, the trader started selling off their MELON tokens at intervals. These dumps came on the back of a massive price appreciation engineered by the MELON coin in the span of hours. The first and largest cluster of sales started at 9 AM yesterday and extended until noon.
The second cluster began at 9 PM. These sales enabled the trader to dump 22.5 million MELON for 1,562 SOL worth $143,000 at the time. The individual involved then decided to store a cumulative balance of 16 million MELON valued at $107,000 in two separate wallets.
The $250,000 final investment value translates to an ROI of 103,205% , with a profit of $249,758. Of this figure, $143,000 is in realized profits, while $107,000 is unrealized. It remains to be seen if the trader has held on to the rest of the MELON tokens, hoping to profit from another potential price appreciation.
Solana Takes Center Stage
The identity of the investor in question remains a matter of debate among crypto proponents. While some argue that the individual was merely a lucky or smart trader, others believe the wallet belongs to the developers behind the MELON token.
Solana has taken center stage in recent times due to its massive price appreciation over the past few weeks. The emergence of memecoins with mind-boggling price surges on the network has further placed Solana in the spotlight. BONK, one of these memecoins, has generated substantial gains for traders.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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