Trader made $26m investing in Solana meme tokens

During the recent meme coin boom, a trader has reportedly made over $26 million in profits trading tokens on Solana.

According to Lookonchain analysts, on Nov. 11, 2023, paulo.sol noticed the increase in the price of Bonk (BONK) and invested in the asset. While engaged in swing trading, the trader earned about $6.28 million from price fluctuations.

The user then started buying and trading Dogwifhat (WIF) on Dec. 4, 2023, followed by Jeo Boden (BODEN) in March. Both times were moments when meme coins began to rise sharply.

In total, paulo.sol earned a profit of $9.51 million and $7.04 million on the two coins trading at higher prices. Currently, the trader holds positions in BODEN for $7.6 million and in WIF for $5.7 million.

On the back of these gains, the trader has continued to add new coins to their collection. The crypto trader also recently purchased 9.3 million in Popcat, valued at $4.9 million, becoming the second-largest holder of the token.

Crypto analyst Zia ul Haque praised the trader for his bold and effective maneuvers. According to him, the trader is not just lucky but conducted a thorough analysis of the crypto market’s movements.

Don’t call him lucky, he has more conviction than others. Do research

— Zia ul Haque (@ImZiaulHaque) April 26, 2024

Despite gains such as these, crypto experts have urged traders to be careful when investing in meme coins on Solana. According to on-chain analyst ZachXBT, more than 40% of projects in the Solana ecosystem stopped further development a month after the presale.

The expert studied 27 projects that raised more than 655,000 SOL during the token pre-sale, 12 of which were found to be related to fraud.