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.
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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