A trader printed more than $1.6 million in gains after getting in early on one of the latest memecoin trends on the Solana (SOL) blockchain, on-chain data shows.
First reported by blockchain tracking firm Lookonchain, one trader made huge profits going long on Wen (WEN), a memecoin built on Solana.
Lookonchain says the trader made $682,000 in USDC and has an additional $941,000 in unrealized profits still sitting in their wallet.
“In just 14 hours, this trader made over $1.6 million trading MEME coin WEN!
He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000.
And currently holds 7.6 billion WEN ($941,000), with an unrealized profit of $941,000.”
At time of writing, WEN is trading at $0.000142 with a market cap of $142.34 million.
Following Solana’s massive 2023 rallies, memecoins have been in the spotlight, with several coins within the Ethereum (ETH) rival’s ecosystem exploding in the last several months, including Dogecoin (DOGE) competitor BONK.
Lookonchain reported earlier this month that a profitable BONK trader purchased more than three billion BONK after a dip.
“This smart trader who made ~$6.9 million on BONK spent 386 SOL ($40,000) to buy 3.29 billion BONK again [on January 9th]!
He accumulated 371.4 billion BONK in nine months at a cost of only 6,998 SOL ($276,000) and sold half of the BONK during the BONK surge for 50,139 SOL ($5.2 million).”
At time of writing, BONK is trading at $0.000012 with a market cap of $712.818 million.
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