- An anonymous trader transformed $2,000 into $5.7 million
- Traded SOL for a new memecoin called ‘ANALOS’ (Solana backwards)
- It did so amid a Solana surge and renewed mania for meme tokens
The renewed memecoin mania is not over, and some cryptocurrency traders appear to be on the hunt for new projects with a chance to make outsized returns before the year is out.
The latest story of meteoric gains for a meme cryptocurrency is that of an anonymous Solana (SOL) trader who apparently turned a few thousand dollars into millions in a matter of a few days.
The unknown user reportedly spent 30 SOL, or about $2,220, to buy a handful of ANALOS tokens, making a profit of more than $2.7 million in one week, on-chain data cited by Lookonchain shows. This translates to a gain of almost x2,570 in a span of just 6 days, the analyst noted.
In just 6 days, this trader made more than $5.7M with only 30 $SOL($2,220)!😱
— Lookonchain (@lookonchain) December 26, 2023
A gain of over 2570x!
He spotted $ANALOS 1 minute after it opened trading and spent 30 $SOL($2,220) to buy 16B $ANALOS.
Then he sold 14.5B $ANALOS for 3.45M $USDC via multiple addresses over the past… pic.twitter.com/jD17YOD5hJ
Specifically, he used 30 SOL tokens to purchase 16 billion ANALOS. He then sold 14.5 billion ANALOS from various addresses, earning 3.45 million USDC, a stablecoin pegged to the dollar. The trader still has 1.56 billion Solana , equivalent to an unrealized profit of USD $2.34 million, stored in four wallet addresses.
The success (so far) of the trader’s move seems to have fallen on timing, as he would have noticed the token at its launch, making the exchange just one minute after the opening of its quote.
Launched just over a week ago, AnaloS is a token based on the Solana blockchain, whose name is a reverse spelling of Solana . Despite the few details of the project, its price has risen more than 130% since December 22, reaching a capitalization of USD $160 million at its peak, as data from CoinMarketCap shows.
Emerging memecoin mania
Meme cryptocurrencies gain their appeal from the virality of an existing popular meme or the attention a particular topic generates among online communities. While most of these projects fail, they generate attention from traders due to speculation and expectations of generating substantial profits in a short time.
Anyone can create a smart contract and issue tokens on a blockchain, such as Ethereum, Solana, Avalanche or others, for a few cents, and the presence of decentralized exchanges (DEX) means that these tokens can be issued instantly, receive liquidity and be traded. shortly after.
AnaloS has corrected lower since its explosive rise earlier in the week, falling 38% in the last 24 hours. Its emergence occurred amid a notable surge in the price of SOL, which recently surpassed the USD $100 mark, placing it in 4th place for largest market capitalization and accumulating gains of 904% for the year.
The AnaloS trader story comes amid growing interest in new memecoins. BONK, a dog-themed token based on Solana , has also garnered attention in the crypto space recently after surging more than 1,000% in mid-December and racking up gains of more than 330% for the year.
Dogwifhat is another Solana -based memecoin that has demonstrated massive price increases. This mania is not limited to Solana. Last week, we reported on an Avalanche ecosystem trader turning $450 into over $2 million with a chicken token called Coq Inu (COQ), which has skyrocketed more than 500% since its launch this month.
Meanwhile, more established meme cryptocurrencies such as Dogecoin and Shiba Inu have risen to a lesser extent this week, registering slight corrections in recent hours.
