This GUMMY on Solana Memecoin Trader Turned $9,770 to $13.6M in 24 Hours

The increased speculation around memecoins on the Solana network has occasionally led to a windfall for traders in recent times. In the latest of such developments, on-chain data shows that a blockchain address realized over $13 million in profits for investing early in the memecoin project, Gummy.

As spotted by Lookonchain, the address spent 64.5 SOL (approximately $9,770) to purchase 97.35 million GUMMY tokens right after the token was deployed. With GUMMY trading at $0.14, this original investment is now worth over $13.6 million, making it an extremely profitable trade for a 24-hour period.

Notably, the address has transferred its earlier purchase to 10 new wallets, where they are still being held at the time of writing. It is unknown at what point the early bird will book profit on their position.

What is GUMMY Memecoin, and Why Is It Pumping?

Gummy only launched on April 21 as a memecoin project on the Solana network. The project brands itself as a 420-weed gummy bear created to demonstrate that “sometimes, the sweetest returns come from not sweating the small stuff.” Around 30% of the token’s supply was distributed via an airdrop.

GUMMY is backed by popular influencer Ran Neuner, who has over 1.4 million followers on YouTube and X. With his backing, the memecoin project has witnessed a significant increase since launch, including a 190% increase in the past 24 hours, according to Coingecko data.

Insider or Sniper?

The cryptocurrency community on X has been largely divided on whether the early GUMMY purchase is simply an unknown trader sniping up new project launches or an insider. Both possibilities certainly exist, given that the address was the earliest buyer for the token.

@crypto_banter @cryptomanran you said the team doesn’t have any supply -you telling us that this transaction it’s not insider ?😂

— LadyMillionaire.eth (@EugeniaChele) April 21, 2024

As noted by Lookonchain, the address also made the purchase in the same Solana block in which the token was deployed, adding to the evidence that a member of the project team was behind the transaction. Either way, the GUMMY memecoin community will be keeping an eye on the said address as any of its actions may affect market confidence and spark a sell-off.