NAIROBI (Coinchapter.com) – A single trader, known as “paulo.sol” on the Solana blockchain, has defied the odds by accumulating a staggering $23 million profit from trading various memecoins. This remarkable feat has captured the attention of the cryptocurrency community, leaving many in awe of the trader’s strategic prowess.
How Did the Solana Memecoin Trader Do It?
The trader’s success seems to stem from a measured approach. Instead of blindly purchasing tokens at launch, paulo.sol waited for initial upward price movements before heavily investing. This strategy proved highly effective with both WIF and BODEN.
According to blockchain analysis firm Lookonchain, paulo.sol’s journey began in November 2023 when they noticed the potential of the memecoin BONK. With a keen eye for opportunity, they consistently bought low and sold high, ultimately raking in an impressive $6.28 million profit from BONK trades alone.
Paulo.sol’s success didn’t stop there. In December 2023, they spotted the rising popularity of WIF and started accumulating the tokens. Similarly, in March 2024, they jumped on the BODEN bandwagon, recognizing its potential early on. Through strategic trading, paulo.sol secured an additional $9.51 million from WIF and $7.04 million from BODEN, further solidifying their position as a memecoin trading maven.
Interestingly, As of April 26, 2024, paulo.sol still holds substantial positions in BODEN ($7.6 million) and WIF ($5.7 million), indicating a long-term bullish outlook on these assets. This suggests continued confidence in the potential of these memecoins.
Trader Shifts Focus
The trader is now turning attention to newer memecoins like PUPS and POPCAT. A substantial investment of $1.77 million has been made into POPCAT, alongside a $5.97 million purchase of PUPS tokens. This move notably makes the trader the largest PUPS holder on Solana.
The Solana memecoin craze continues to produce success stories like this one. In December 2023, a trader profited $2 million from an initial $62 investment. Similarly, in April 2024, another trader turned $13,000 into $2 million in only an hour.
