Trader Invests in New Memecoin, Turns $2.2K into $2.26M

A trader transformed an investment of $2,275 in Solana (SOL) tokens into an impressive $2.26 million within just eight hours.

The trader’s wallet, identified as “sundayfunday.sol,” achieved a return of over 993 times their investment into the newly launched memecoin 1DOL.

The trader also had a history of investing over $72,000 in Book of Memes (BOME) tokens during its presale, which at their peak were valued at more than $40 million.

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Although “sundayfunday.sol” sold 530 billion BOME for $7.66 million, the trader still holds 894 billion of the token, valued at $10.5 million, maintaining the title of the largest individual holder of BOME.

However, the profitable 1DOL trade led to allegations of insider trading and money laundering.

Moreover, users commented that the trading pool’s low liquidity, valued at $291,000 in SOL tokens, makes it so that the trader would struggle to cash out their profits without drastically impacting 1DOL’s price.

Overall, while such trades can result in significant gains, they also come with substantial risks, including market manipulation allegations and liquidity challenges.

In other news, a group of crypto enthusiasts recently launched the memecoin NotWifGary (NWG), referring to the US Securities and Exchange Commission’s chair Gary Gensler. The memecoin was driven by regulatory uncertainty affecting the crypto community. 

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