The trader cashed out a $6.28 million trading BONK, $9.51 million trading WIF, and $7.04 million from BODEN.
A trader has made a substantial profit of $23 million on Solana memecoins.
Solana (SOL) is a blockchain platform that provides smart contract functionality through a proof-of-stake mechanism. The Solana network is also validated by thousands of nodes that operate independently of each other, ensuring that data remains secure.
On April 26, blockchain analysis firm Lookonchain identified a trader operating under the Solana Name Service account “paulo.sol.” The individual generated profits by trading meme tokens such as Dogwifhat (WIF), Joe Boden (BODEN), and Bonk (BONK).
How the Memecoin Trader Started
The trader first entered the BONK market on November 11, 2023. The individual recognized the upward movement of the memecoin and invested. After investing, the trader performed a swing trade strategy, which resulted in buying at a low price and selling at a high price, accumulating approximately $6.28 million in profits from trading BONK.
At the same time, the individual also observed WIF and BODEN. Despite the token’s availability, the trader waited and refrained from immediate investment in these memecoins.
Interestingly, they started heavy purchases when they observed the first signs of upward movement. The trader immediately acquired WIF on December 4, 2023, and commenced trading BODEN on March 6. The individual saw a total profit of $9.51 million from WIF trades and $7.04 million from BODEN.
Trader Not Lucky
In addition to these memecoin investments, the trader has ventured into other meme tokens. The crypto wallet began purchasing Pup (PUPS) and Popcat (POPCAT) tokens. The trader invested $1.77 million in POPCAT and roughly $6 million in PUPS.
According to X posts, some community members congratulated for a remarkable move. A particular X user stated that the trader was not lucky but had “more conviction” than others. He also told other people to do research, while another user said the trade has a “diamond hand” to make so much profit on Solana.
Meanwhile, on December 29, a trader made $2 million by investing just $62 on a Solana-based meme token. On April 3, another trader turned $13,000 into $2 million in one hour.