Trader Transforms $2.2K SOL into $2.26M in 8 Hours via New Memecoin

A clever cryptocurrency investor managed to transform his modest investment of $2,275 in Solana tokens into a staggering $2.26 million profit within just eight hours. This remarkable success story stems from a trade made by the wallet dubbed ‘sundayfunday.sol,’ as reported by Lookonchain on May 19. The trader initially invested 13 SOL tokens into a newly launched memecoin named 1DOL. The return on investment (ROI) was phenomenal, as the value of his 242 million 1DOL tokens skyrocketed from $2,275 to $2.26 million, achieving a phenomenal 993-fold increase.

Memecoins have increasingly captured the attention of investors since the Bitcoin halving event. Similar to Dogwifhat (WIF) and Pepe (PEPE), memecoins like 1DOL often surge in value, despite having little to no underlying utility. These digital assets frequently gain multibillion-dollar valuations, offering enormous potential profits for savvy traders. The astonishing profit from the 1DOL trade wasn’t purely coincidental; the trader also played a significant role in the presale of Book of Memes (BOME) tokens. By buying over $72,000 worth of BOME tokens during its presale phase, he increased its value to over $40 million at its peak.

Even after taking partial profits from his BOME holdings, the trader remains the largest single holder of these tokens. According to Lookonchain, he sold 530 billion BOME for 38,305 SOL (around $7.66 million). As of the latest data, he continues to hold 894 billion BOME tokens valued at $10.5 million, solidifying his position as the primary holder of $BOME.

The 1DOL memecoin was launched on May 18 and surged to a peak value of $0.018 by the next day before declining to a current value of $0.04. Over the last 24 hours, the coin has dropped more than 43%, underscoring the unpredictable nature of memecoin trading. Despite its lack of a website and a banned X account, the 1DOL coin attracted substantial interest. The enormity of the profits has given rise to allegations of insider trading and money laundering among crypto enthusiasts on social media platforms.

The low liquidity of the 1DOL trading pool, currently valued at $291,000 in Solana tokens, adds another layer of complexity. It raises questions about whether the trader could actually withdraw his entire fortune without severely impacting the price of 1DOL. The high volatility and limited liquidity make executing such large-scale sell orders risky and potentially market-crippling.

The fascination with memecoins hints at a broader sentiment among younger investors who feel alienated from traditional financial systems. The wallet at the center of this trading success holds a majority of its value in Solana-based WIF memecoins, worth around $15.8 million at present. At its peak valuation on April 1, the wallet was worth more than $172 million. It has since dropped over 75%, tallying $47 million in losses over the past month.

The stories of traders turning small investments into massive profits aren’t isolated cases. Just last week, another astute trader turned $3,000 into an astonishing $46 million by trading Pepe (PEPE) coins. This incredible 15,718-fold return was triggered by a resurgence in interest related to the GameStop saga, further emphasizing the potential for colossal gains in the memecoin market.

The new wave of memecoin trading signifies a broader trend among younger generations who are increasingly skeptical of established financial systems. Hao Yang, the head of financial products at Bybit exchange, likened the success of memecoins to the punk rock movement, saying it represents a form of rebellion. Young investors, disillusioned by the financial opportunities that eluded their parents, find solace and potential fortune in these volatile yet captivating digital assets.