Here’s How a Memecoin Trader Turned $1.9K into $3.67M in just 2 Hours

A memecoin trader has turned a modest investment into millions of dollars in just 2 hours. According to on-chain data, the blockchain address realized over $3 million in profit by investing in the meme-inspired token ELIZA. 

6/ Insider “ExYQ…vNw” spent 7.84 $SOL($1.9K) to buy 89.19M $ELIZA, and sold 53.47M $ELIZA for 7,865 $SOL($1.91M), leaving 35.72M $ELIZA($2.75M).

This insider made $4.66M in just a few hours, a 2,446x return!https://t.co/VkaR7VejBE pic.twitter.com/h2NmLZg9mu

— Lookonchain (@lookonchain) November 19, 2024

Trader Nets Massive Profit

As spotted by blockchain analytics platform Lookonchain, the trader spent 7.84 SOL (worth $1,900) to purchase 89.19 million ELIZA tokens via the decentralized exchange Raydium. As the asset’s value began to surge, the trader swiftly sold 49.49 million tokens for 7,091 SOL, netting $1.72 million at the time of the sale.

The trader still holds 39.7 million of the tokens, valued at approximately $1.95 million. Together with the realized gains, his total profit stands at $3.67 million, reflecting a remarkable 1,925x return on the initial investment. 

On-chain data shows that this trader continues to actively sell, suggesting the rally may still be garnering attention but also flagging risks for latecomers.

Notably, the significant profit earned by this trader sparked heated debates on the social media platform X. While some hailed his trading strategy and success as an example of sharp market timing, others raised concerns about potential insider activity. 

What is ELIZA?

ELIZA is a recently launched memecoin trading on the Solana blockchain. Its market cap has surged to $48.5 million with liquidity standing at $1.6 million. Over the last 24 hours, trading volume exploded to $273.7 million, indicating a frenzy surrounding the token. 

Meanwhile, the latest experience highlights the potential for outsized returns in memecoins, which are often characterized by extreme volatility and unpredictable price movements.

Just like ELIZA, several memecoins have offered investors life-changing opportunities. An earlier report highlighted how a trader turned a modest $17 investment (roughly 0.0983 SOL) into over 12,000x profit by purchasing 2.46 million PNUT.

However, many of these projects often face scrutiny for lack of transparency, raising concerns about fairness in their initial distribution and trading activity.  It remains to be seen whether ELIZA can maintain its current momentum or if it will serve as a cautionary lesson.