"Many people have now become millionaires after investing in memecoin, when will you be?"
Recently, news broke about a clever trader who unknowingly managed to exchange 13 Solana (SOL) cryptocurrencies worth $2,275 at a very lucrative profit of $2.26 million in just eight hours.
Reportedly, the memecoin trader wallet known as "sundayfunday.so" has generated more than 993x profit immediately after buying 242 million memecoin 1DOL which has just been launched.
Despite having no basic utility, memecoins such as dogwifhat (WIF) and Pepe Coin (PEPE) have caught the attention of many investors since the BTC halving event following the two memecoins often reaching valuations of billions of United States (US) dollars.
The gain of over 900x is no coincidence as the wallet is the largest pre-sale participant for the Book of Memes (BOME) token, where it who bought $72,000 worth of BOME has generated a profit of $40 million.
There is no denying that the trader has taken profits on some of his holdings, but he remains the largest BOME holder despite selling 530 billion BOME for $7.66 million and now still holds 894 billion BOME worth $10.5 million.
Launched on May 18, 2024, memecoin 1DOL rose to a high of $0.018 the next day before falling back to its current level of $0.004, a drop of over 43% in the past 24 hours.
But it should be noted that profitable trading drives insider trading and allegations of money laundering by crypto enthusiasts on social media platforms and 1DOL generates significant interest despite the lack of a website and the banned X account.
While the low liquidity of the trading pool which is currently worth $291,000 SOL tokens will make it impossible for traders to withdraw all their profits without raising the price of 1DOL further.
