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Despite the current market downtrend, crypto traders are still finding ways to make life-changing gains. This is the case of some Solana meme coin traders who recently turned $6,400 into $8 million in 24 hours. 

On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) that these traders turned $6,400 into $8 million by investing in $TIM, a meme coin on Solana. 2 newly created wallets were said to have used 44.78 to buy 526.6 million $TIM (52.665 of the token’s total supply) within three minutes of launch.  

TIM chart | Source: Tradingview.com These wallets then transferred their $TIM holdings (now worth around $8.28 million) to multiple addresses to avoid drawing attention. On-chain data shows that they are already looking to secure their profits, as they have been selling their $TIM tokens, although in small bits, to avoid a market crash. 

Source: Etherscan Meme coins (especially ones on Solana) have continued to provide traders with significant gains, especially with Bitcoin and other major cap cryptocurrencies maintaining a downward trend. Bitcoinist previously reported of a trader who turned $1,800 into $11 million with Dogwifhat (WIF) by getting in early on the meme coin while it was still a micro-cap token. 

Meanwhile, more recently, pseudonymous crypto trader Larp von Trier was reported to have turned $353 into $8.3 million by investing in $KEYCAT, a meme coin on Base. The layer-2 network (like Solana) has witnessed an influx of meme coin traders thanks to the barrage of meme coins that continue to launch on the network daily.  

More Recent Success Stories Lookonchain also recently revealed a trader who turned $9,770 into $10 million in just a day. The trader spent 64.5 SOL to buy 97.36 million $GUMMY (another Solana-based meme coin) in the “same block where the $GUMMY deployer added liquidity.” Another trader turned $110,000 into 48.72 million in just 3 hours by buying $MANEKI. 

Related Reading: American Investment Bank Morgan Stanley Wants To Add Spot Bitcoin ETFs To 12 New Funds

Although this trader wasn’t the first to buy the meme coin, he used $716 SOL to acquire 1.02 billion $MANEKI (11.51% of the token’s supply) less than one minute after the token launched. Like the $TIM traders, he distributed these $MANEKI tokens across different wallets to avoid drawing attention. 

Meanwhile, it is worth noting that there is an ugly side to meme coin trading, as some traders have also recorded significant losses. One is a trader who recently spent 1,600 SOL to buy $COOL and ended up selling the meme coin for 532.58 SOL, losing 1,067.42 ($152,000) in the process. 

SOL price trending at $123 | Source: SOLUSDT on Tradingview.com Featured image from Medium, chart from Tradingview.com

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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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