Journalist
Posted:
- A trader turned $900 into $3.47 million by trading a Solana-based meme coin.
- Solana’s TVL reached $1.48 billion amid rising liquidity.
Solanas [SOL] The rebound this year wasn’t limited to just the price action. The entire Solana ecosystem has helped traders make big profits, as evidenced by a Lookonchain update.
One of the areas where Solana is flourishing is in the field of meme coins built using the blockchain.
It’s meme season on Solana
The rise of several memes has turned a few thousand into millions for traders willing to take the risk. However, it is also important to note that some risk takers have engaged in the same ecosystem.
According to Lookonchain, a trader turned $900 into a whopping $3.47 million in just five days, thanks to a meme coin called ANALOS.
The carnival #Solana still going!
A trader turned $900 into $3.47 million by trading $ANALOS on #Solana within 5 days.
A profit of over 3800x!😱
The trader has issued 12 $SOL($900) to buy 2.6 billion $ANALOS 5 days ago, then sold 1.45 billion $ANALOS for 1.43 million $USDC.
He sells $ANALOS currently… pic.twitter.com/53HrK2KyPR— Lookonchain (@lookonchain) December 25, 2023
However, ANALOS is not the first meme coin to bring such profits to Solana traders. Like Bonk [BONK]MYRO and POPCAT have had their fair share of dominance as well.
Meanwhile, AMBCrypto checked trading aggregator Birdeye to see what was going on with the Solana ecosystem.
According to what we gathered, meme trading activity was very present in the blockchain. A number of memes also emerged, such as COPE, GFY and DARK.
The interesting thing is that some of these tokens followed the path of ANALOS. However, traders would do well to confirm whether these tokens are not a scam as some believe.
Careful with the excitement
As a result of these steps, confidence in Solana has returned, as evidenced by the Total Value Locked (TVL).
A few months ago, Solana’s TVL was worth hundreds of millions of dollars. But at the time of writing, DeFiLlama showed that it had grown to $1.48 billion.
This growth, up 47.63% over the past seven days, was also the highest performance among the top 10 within the said period.
Source: DeFiLlama
The TVL is an indicator of the health of a project. When the value falls, it means that market participants refrain from committing assets to a protocol.
However, Solana’s TVL performance suggests that players have enough confidence in the project to deposit liquidity for higher returns.
How much are 1,10,100 SOLs worth today?
These types of situations were also one of the reasons why Solana defeated Ethereum [ETH] in terms of DEX volume. As it stands now, it is likely that traders will be looking for the next gem on Solana, besides the original token.
At the same time, there’s no guarantee that any of these memes would replicate BONK, MYRO, or ANALOS’ performance.