Jeo Boden

Solana

Bitcoin

April

Bonk

<p class="is-style-lead">During the recent meme coin boom, a trader has reportedly made over $26 million in profits trading tokens on Solana.</p> 
<p>According to Lookonchain analysts, on Nov. 11, 2023, paulo.sol noticed the increase in the price of Bonk (<a href="https://crypto.news/price/BONK/" target="_blank" rel="">BONK</a>) and invested in the asset. While engaged in swing trading, the trader earned about $6.28 million from price fluctuations.</p> 
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<p>The user then started buying and trading Dogwifhat (<a href="https://crypto.news/price/Dogwifhat/" target="_blank" rel="">WIF</a>) on Dec. 4, 2023, followed by Jeo Boden (BODEN) in March. Both times were moments when meme coins began to rise sharply.</p> 
<p>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.</p> 
<p>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.</p> 
<p> You might also like: <a href="https://crypto.news/token2049-panelists-discuss-meme-coins-role-in-crypto-industry-development/" rel=""> Token2049 panelists discuss meme coins’ role in crypto industry development </a> </p> 
<p>Crypto analyst Zia ul Haque praised the trader for&nbsp;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.</p> 
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   <p lang="en" dir="ltr">Don't call him lucky, he has more conviction than others. Do research</p>— Zia ul Haque (@ImZiaulHaque) <a href="https://twitter.com/ImZiaulHaque/status/1783759963850158567?ref_src=twsrc%5Etfw" target="_blank" rel="">April 26, 2024</a>
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<p>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 <a href="https://crypto.news/tag/Solana/" target="_blank" rel="">Solana</a> ecosystem <a href="https://crypto.news/memecoin-developers-rugpulled-over-26m-in-pre-sales-on-solana-amid-marchs-craze/" target="_blank" rel="">stopped</a> further development a month after the&nbsp;presale.</p> 
<p>The expert studied 27 projects that raised more than 655,000 SOL during the&nbsp;token pre-sale, 12 of which were found to be related&nbsp;to fraud.</p> 
<p> You might also like: <a href="https://crypto.news/surge-in-bitcoin-transaction-fees-linked-to-meme-coin-runes-etching-craze/" rel=""> Surge in Bitcoin transaction fees linked to meme coin, Runes etching craze </a> </p>

Trader made $26m investing in Solana meme tokens

crypto.news

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