A trader recently flipped 2 Solana (SOL) tokens worth $368 to 1,408 SOL valued at $260,000 while trading Solana memecoin SHAD.
As highlighted by the crypto analytics service provider Lookonchain, the trader (with wallet “5aLaR….GJXA”) placed a bold bet on Solana memecoin SHAD raking in a cumulative gain of 704x. With the memecoin season fully underway, many traders are cashing out huge sums in just a few days, reiterating similar trends over the past year.
SHAD as a memecoin emerged about 24 hours ago and it rose to an All-Time High (ATH) of $0.088. Its Fully Diluted Volume (FDV) and market cap now come in at $1.12 million per data from CoinGecko’s GeckoTerminal.
The Lucky Bet
Per the Lookonchain insight, the trader spent 2 SOL to buy 90 million SHAD. He then sold 85.3 million worth of the memecoin for 1,410 SOL worth approximately $260,000. Despite this lucky trade, the trader still has 4.7 million worth of SHAD left with a market value $5212 based on the current price of SHAD at $0.001109.
With only 2 $SOL, this trader made 1,408 $SOL ($260K), a gain of 704x!
He spent 2 $SOL to buy #memecoin 90M $SHAD and sold 85.3M $SHAD for 1,410 $SOL.
He still has 4.7M $SHAD left, worth $12K.https://t.co/xuJXjcFqRE pic.twitter.com/euinontP4K
— Lookonchain (@lookonchain) March 19, 2024
Solana has proven to be a very promising avenue for investors looking to ape into the memecoin frenzy. As reported earlier, another trader converted $1,749 into $10.9 million trading Dogwifhat (WIF).
Dogwifhat comes off as one of the most popular memecoins in the Solana ecosystem with current market capitalization pegged at $2,152,263,758.
Battling Highs and Lows
From records, only a few memecoins survive in the long term. After the initial hyped bullish phase, many memecoins do not recover, a stress test that dogwifhat passed when it traded opposite to the market rout back in January.
Historically, many memecoins that are competing with prominent Layer-1 and 2 protocols have emerged even from overhyped memecoin seasons. Shiba Inu (SHIB), PEPE, and BONK are among the outliers the market has seen over the years.