Crypto Trader Nets 25x Profit on Solana-Based Memecoin That’s Exploded Over 1,200% in Three Weeks: On-Chain Data

One lucky trader is looking at huge profits after one Solana (SOL)-based memecoin soared over 1,200% in just three weeks, according to on-chain data.

Blockchain tracking firm Lookonchain says that one pre-sale participant in Beercoin (BEER) just made off with more than $1 million in profit.

“A BEER pre-sale participant is selling BEER, and he made a total profit of $1.3 million on BEER!

This guy spent 301.2 SOL ($50,000) to participate in the pre-sale and received 3.38 billion BEER. Then he exchanged 5.45 billion BONK ($192,000) for 1.86 billion BEER on May 26th.

After BEER was listed on Gate.io, he deposited 240 million ($120,000) to Gate.io for profit. He sold 4.6 billion BEER ($1.34 million) [June 14th] and has 400 million BEER ($109,000) left, with a total profit of more than $1.3 million!”

BEER was trading at $0.000018 on May 24th and at time of writing is worth $0.000245, a gain of 1,261%.

Lookonchain also reports one crypto whale is sitting on massive profits in his holdings of Pendle (PENDLE), which allows users to tokenize and sell future yields.

“A whale deposited 755,000 PENDLE ($3.83 million) to Binance for profit June 11th. The whale withdrew 5.02 million PENDLE ($2.73 million at the time) from Binance on August 18th, 2023, when the price was $0.54. He currently has 4.27 million PENDLE ($21.7 million) left, with a total profit of $22.8 million (+834%)!”

Pendle is trading for $4.93 at time of writing, down slightly in the last 24 hours.

Lastly, Lookonchain says one crypto investor made a 1,110% profit in just eight days after buying Mother Iggy (MOTHER) tokens, the Australian rapper Iggy Azalea’s cryptocurrency venture.

“He spent $777,000 to buy 50.35 million MOTHER from May 29th to June 1st and has held it until now, which is worth $9.4 million currently.”

MOTHER is trading for $0.13 at time of writing, down nearly 7% in the last 24 hours.

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