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Trader with domain paulo.sol in SNS made a profit of over $26 million trading meme coins on Solana. Lookonchain experts drew attention to this.
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On November 11, 2023, paulo.sol noticed the increase in the price of Bonk (BONK) and invested in the asset. Further, while engaging in swing trading, he earned ~$6.28 million from token price fluctuations.
On December 4, the user began buying and trading Dogwifhat (WIF), and in March 2024, Jeo Boden (BODEN). Both times were moments when meme coins began to rise sharply.
In total, paulo.sol made a profit of $9.51 million and $7.04 million respectively from coin trading.
According to Lookonchain, the trader still has positions in BODEN worth $7.6 million and in WIF worth $5.7 million.
Experts noted that paulo.sol also began buying other meme tokens. He spent $1.77 million on POPCAT and almost $6 million on PUPS, becoming the largest holder of the latter on Solana.
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“Don’t call him lucky, he has more conviction than others. Explore,” one commenter wrote.
Another said that he saved the Lookonchain thread, apparently as an example for action in trading.
This is not the first time that the company’s analysts have drawn attention to the successful actions of traders in the context of the ongoing boom in meme tokens, which raises concerns about a “bubble” among a number of experts.
They recently noticed that an unknown person made $1.5 million in two days by trading seven coins. Another trader turned $9,769 into $10 million within 24 hours using the new GUMMY token.
Let us remember that a16z and Compound stated that the hype around meme coins threatens the long-term prospects of the crypto industry.
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