Memecoin Jackpot: Solana Trader Secures Over $23 Million

A crypto trader, called paulo.sol, has capitalized on the volatility of meme-themed tokens on the Solana network, securing over $23 million in profits.

His success was brought to light by blockchain analytics firm Lookonchain on April 26.

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The journey to multi-million dollar earnings began with the memecoin BONK, in which the trader started investing as early as November 11, 2023, when he detected its surge. Strategically buying at lows and selling at highs, he raked in approximately $6.28 million.

Expanding his portfolio, paulo.sol ventured into other emerging tokens like Dogwifhat (WIF) and Jeo Boden (BODEN). He started heavily buying these when they first rose sharply, resulting in profits of $9.51 million from WIF and $7.04 from BODEN.

The trader still holds 1.87 million WIF and 12.87 million BODEN, worth $5.7 million and $7.6 million, respectively.

In addition to the established meme tokens, paulo.sol has recently bought newer memecoins like PUPS and POPCAT. He has become the largest holder of PUPS on Solana, investing nearly $7.7 million.

The crypto community has expressed fascination with the trader's strategy, with one member commenting on X:

Don't call him lucky, he has more conviction than others.

Another X user said that the trader had "diamond hands," which is an expression used to describe investors who don't panic and sell off their holdings under market pressure.

These trades underscore the unpredictable yet potentially profitable nature of memecoin investments.

In related news, crypto exchange OKX has also recently tapped into the memecoin frenzy by listing WIF and another Solana-based memecoin, Cat in a Dog's World (MEW).