This Solana-Based Trader Made $23M From Memecoins

A Solana trader has earned remarkable profits while trading memecoins in the network. Operating under the username “paulo.sol,” this trader made about $23 million from flipping meme-themed cryptocurrencies like Dogwifhat (WIF), Joe Boden (BODEN), and Bonk (BONK).

What a legend!😱

paulo.sol has realized profits of $9.51M on $WIF, $7.04M on $boden and $6.28M on $BONK.

1/ Let's dig into his trades to see what he's buying.👇 pic.twitter.com/2axUwHb3el

— Lookonchain (@lookonchain) April 26, 2024

Details of the Trading

According to the blockchain analytics platform Lookonchain, the trader began as early as November last year when he saw potential in BONK and decided to invest. He then made some smart moves by buying at a low price and selling at a high. Through this strategy, he made a total of $6.28 million in profits from BONK alone.

Paulo.sol continued the following month when he identified another opportunity with WIF and made a successful investment. He also spotted and brought BODEN in March this year.  According to Lookonchain monitoring, this trader did not buy WIF and BODEN when they were first launched, rather he paid close attention to these memecoins and bought heavily when they first rose sharply.

Overall, Paulo.sol has realized remarkable profits of $9.51 million on WIF, $7.04 million on Boden, and $6.28 million on BONK all totaling approximately $23 million. While he has cashed out massively, he still holds 12.87 million of BODEN currently worth $7.6 million, and 1.87 million WIF valued at $5.7 million. 

Still Investing 

In addition to his current holdings, data shows that he has recently shown interest in other memecoins within the Solana ecosystem. He recently bought 4.3 million POPCAT tokens worth around $1.77 million at a market price of $0.42 each. Earlier this month, he also invested $5.97 million to acquire 101,712 PUPS, for $59. This purchase has made him the largest holder of the meme coin on Solana.

Paulo.sol’s success story is one of the several inspiring experiences of crypto traders who earned impressive profits from memecoins through strategic trading and spotting trends before they explode. 

In a similar incident earlier this month, a memecoin trader turned $9,770 to $13.6 million in just a day. While these stories are inspiring, investors are reminded to conduct their research as memecoins can be highly volatile due to their value being driven by community buzz and popularity surrounding them.