Early Solana Memecoin Buyer Turns $2k to $3.24M in 10 Hours

The cryptocurrency market is notorious for rewarding early investors. Early adopters of the right meme coins on the Solana network have often turned meager investments into lump sums.

Recently, a memecoin trader made an impressive $3.24 million profit within ten hours after becoming an early adopter of the newly launched HYPER token. This accounts for a staggering 1,515 times his initial investment.

User Records 151,500% Gain

Data from Solscan shows that the user swapped 10 Solana (SOL) for 22 million HYPER on Sunday at 23:53 (UTC). The user swapped the funds through DEX Raydium with $2,137 worth of SOL.

After holding for ten hours, the wallet “8vBMib” started slowly cashing out the token. By the time they started selling, HYPER had appreciated substantially.

At the time of writing, the wallet address holds 3.5 million HYPER ($923,900) and has realized over $2.22 million (10,300 SOL) from the asset. Meanwhile, data from DEXTools shows that the Solana meme coin has continued its upward push, breaking through a $142 million market cap at the price of $0.1418.

Meanwhile, there have been similar instances where a user cashed out similar amounts in the past. For instance, CoinTab earlier reported that a smart trader turned $66 into $3 million by acquiring Ethereum-based Keikus Maximus (KEIKUS) in its early stages.

Furthermore, another lucky trader accrued a staggering $8 million in 15 minutes from another Solana-based meme coin. The brave whale bought $5.36 million worth of Pudgy Penguins (PENGU) and sold it a few minutes later when the price surged considerably to $13.72 million.

Solana Hype Sparks Bullish Momentum

Meanwhile, the meme coin hype surrounding the Solana ecosystem has contributed to a price rebound. The surging number of transactions, active wallets, and revenue realization in the Solana ecosystem saw its native token, SOL, surge to an over-two-week high above $220.

At the time of writing, the fifth-largest cryptocurrency by market cap trades at $220.53, up over 3% in the past 24 hours. Solana stands at the keenly contested 5th slot with a market cap of $104.8 billion.