Ethereum

Solana

Bonk

<ul> 
 <li>A trader turned $900 into $3.47 million trading a Solana-based memecoin</li> 
 <li>Solana’s TVL hit $1.48 billion amid increasing liquidity</li> 
</ul> 
<a href="https://ambcrypto.com/search/Solana" target="_blank" rel="noopener" data-wpel-link="internal">Solana’s [SOL]</a> resurgence this year has not been limited to its price action alone. The entire Solana ecosystem has helped traders post major gains, as underlined by Lookonchain’s latest update. 
One of the areas Solana has thrived in is memecoins built using the blockchain. 
<h3 id="it-s-meme-season-on-solana">It’s meme season on Solana</h3> 
The emergence of several memes has turned a few thousand into millions for traders willing to take the risk. However, it is also important to mention that some risk-takers have been rug pulled on the same ecosystem. 
According to Lookonchain, one trader turned $900 into a whopping $3.47 million within five days, thanks to a memecoin called ANALOS. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 The carnival on <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#Solana</a> is still going on! 
 A trader turned $900 into $3.47M by trading <a href="https://twitter.com/search?q=%24ANALOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$ANALOS</a> on <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">#Solana</a> in 5 days. 
 A gain of over 3800x!<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f631.png" alt="😱" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 The trader spent 12 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$SOL</a>($900) to buy 2.6B <a href="https://twitter.com/search?q=%24ANALOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$ANALOS</a> 5 days ago, then sold 1.45B <a href="https://twitter.com/search?q=%24ANALOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$ANALOS</a> for 1.43M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$USDC</a>. He is selling <a href="https://twitter.com/search?q=%24ANALOS&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">$ANALOS</a> currently… <a href="https://t.co/53HrK2KyPR" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">pic.twitter.com/53HrK2KyPR</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1739183009956548839?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer">December 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
However, ANALOS is not the first memecoin to give Solana traders such profits. The likes of <a href="https://ambcrypto.com/search/bonk" target="_blank" rel="noopener" data-wpel-link="internal">Bonk [BONK]</a>, MYRO, and POPCAT have also had their fair share of dominance. 
Meanwhile, AMBCrypto <a href="https://birdeye.so/?chain=solana" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">checked</a> trading aggregator Birdeye to see what has been going on with the Solana ecosystem. 
According to what we gathered, meme trading activity is very common on the blockchain. Also, a bunch of memes have emerged lately such as COPE, GFY, and DARK. 
The interesting part is that some of these tokens have been following in ANALOS’ path. However, traders will do well to confirm if these tokens are not scams, as some have been deemed to be. 
<h3 id="careful-with-the-excitement">Careful with the excitement</h3> 
As a result of these moves, trust has <a href="https://ambcrypto.com/solana-defi-tvl-reaches-highest-point-since-january/" target="_blank" rel="noopener" data-wpel-link="internal">returned</a> to Solana, as evidenced by the Total Value Locked (TVL). 
A few months ago, Solana’s TVL was worth hundreds of millions of dollars. On the contrary, at press time, DeFiLlama <a href="https://defillama.com/chain/Solana" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">showed</a> that it had grown to $1.48 billion. 
This growth, a hike worth 47.63% in the last seven days, was also the highest performance out of the top 10 within the said period. 
<div id="attachment_360491" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-25-at-10.26.01.png" data-wpel-link="internal"><img aria-describedby="caption-attachment-360491" decoding="async" class="size-full wp-image-360491" src="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-25-at-10.26.01.png" alt="Solana's TVL" width="718" height="322" srcset="https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-25-at-10.26.01.png 718w, https://statics.ambcrypto.com/wp-content/uploads/2023/12/Screenshot-2023-12-25-at-10.26.01-300x135.png 300w" sizes="(max-width: 718px) 100vw, 718px"></a>
 Source: DeFiLlama
</div> 
The TVL is an indicator of a project’s health. When the value decreases, it means market participants are refraining from locking assets on a protocol. 
However, Solana’s TVL performance suggests that players trust the project enough to deposit liquidity for increased yield. 
How much are <a href="https://ambcrypto.com/convert/1-sol-to-usd" target="_blank" rel="noopener" data-wpel-link="internal">1,10,100 SOLs worth today?</a> 
This is also one of the <a href="https://ambcrypto.com/solana-q4-activity-soars-outpaces-ethereum-report/" target="_blank" rel="noopener" data-wpel-link="internal">reasons</a> Solana beat <a href="https://ambcrypto.com/search/ethereum" target="_blank" rel="noopener" data-wpel-link="internal">Ethereum [ETH]</a> in terms of DEX volume. As it stands, it is likely for traders to start looking for the next gem on Solana, besides the native token. 
At the same time, it is not guaranteed that any of these memes would replicate the performances of BONK, MYRO, or ANALOS.

Solana meme trader reaps 3800x gains: What about you?

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