Tue, 26/12/2023 – 12:03
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According to data provided by the “Smart Money” tracker @lookonchain, an anonymous cryptocurrency trader has made a healthy profit of more than 2,570x on 30 Solana tokens within the past six days.
Trader makes huge gains using SOL
The thing to keep in mind here is that the aforementioned trader did not make his 2,570x profits buying and selling SOL itself. He used 30 SOL tokens to buy 16 billion ANALOS. He then sold 14.5 billion ANALOS from several addresses, earning 3.45 million USDC stablecoins. As of now, the trader continues to hold 1.56 billion Solana, which is equal to $2.34 million, left in four of his blockchain wallets.
In total, the trader’s profit constitutes $5.7 million within six days made on just $2,220 worth of Solana.
ANALOS (analoS) is a meme cryptocurrency based on the Solana chain, and earlier this week it demonstrated an astounding surge by 148% and a weekly price jump of 268%. At the time of this writing, the coin is changing hands at $0.001544 after a 19% downswing.
Actually, ANALOS was launched just about a week ago, and within that short period of time the meme coin built on the Solana network managed to reach a market capitalization of $185.5 million, and now it is down to $154.37 million, according to data provided by CoinMarketCap.
Currently, Solana-based meme cryptocurrencies, such as ANALOS, BONK and Dogwifhat, are demonstrating massive prie increases, giving traders lucrative gains, while the more established meme coins – Dogecoin and Shiba Inu – are dropping in price.
Solana-based BONK getting “DOGE-like” attention
Recently, an analytics report from popular on-chain data company Santiment stated that BONK meme coin based on Solana has been gaining the attention of traders – pretty much the way Dogecoin did in 2021.
Ten days ago, BONK demonstrated a staggering upswing of nearly 220%. However, since then, the meme coin’s price has been going downward, losing 48.38% by now and falling from the $0.0000349 level to the $0.00001802 mark as of this writing.
Over the past month, BONK has showcased an astounding increase – first by 719%, then by 213%. This meme coin has been on a tear in December as it scored multiple listings on major exchanges.