A trader made more than $1.6 million in profits after getting in early on one of the latest memecoin trends on the Solana (SOL) blockchain, on-chain data shows.
First reported by blockchain tracking firm Lookonchain, a trader made huge profits by going long Wen (WEN), a memecoin built on Solana.
Lookonchain says the trader made $682,000 in USDC and has another $941,000 in unrealized profits in his wallet.
“In just 14 hours, this trader made over $1.6 million trading MEME coins WEN!
He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, making a profit of 682,000.
And currently holds WEN7.6 billion ($941,000), with an unrealized gain of $941,000.”
At the time of writing, WEN is trading at $0.000142 with a market cap of $142.34 million.
Following Solana’s massive rallies in 2023, memecoins have been in the spotlight, with several coins within the Ethereum (ETH) rival ecosystem exploding in recent months, including Dogecoin (DOGE) rival BONK.
Look at chain reported earlier this month that a profitable BONK trader bought more than three billion BONK after a dip.
“This smart trader who made ~$6.9 million in BONK spent 386 SOL ($40,000) to buy another 3.29 billion BONK [on January 9th]!
He collected 371.4 billion BONK in nine months for a mere 6,998 SOL ($276,000) and sold half of the BONK during the BONK wave for 50,139 SOL ($5.2 million).
At the time of writing, BONK is trading at $0.000012 with a market cap of $712.818 million.
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Featured image: Shutterstock/cgterminal/LongQuattro