Solana

Million

Spot

Coin

Despite the <a href="https://bitcoinist.com/bitcoin-3-metrics-solid-healthy-bull-market/">current market downtrend</a>, crypto traders are still finding ways to make life-changing gains. This is the case of some <a href="https://bitcoinist.com/solana-meme-coin-trader/">Solana meme coin traders</a> who recently turned $6,400 into $8 million in 24 hours.&nbsp; 
<h2 id="how-these-solana-meme-coin-traders-turned-6-400-into-8-million">How These Solana Meme Coin Traders Turned $6,400 Into $8 Million</h2> 
<a href="https://bitcoinist.com/tron-founder-justin-sun-gets-new-wallet-heres-what-hes-buying/">On-chain analytics platform Lookonchain</a> revealed in an X (formerly Twitter) that these traders turned $6,400 into $8 million by investing in $TIM, a <a href="https://bitcoinist.com/solana-meme-coins-myro-wif/">meme coin on Solana</a>. 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.&nbsp;&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-297729 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/05/Solana-.png?w=512&amp;resize=512%2C236" alt="Solana" width="512" height="236" data-recalc-dims="1"> 
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.&nbsp; 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-297730 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/05/Meme-coin-traders.png?w=512&amp;resize=512%2C360" alt="Meme coin traders" width="512" height="360" data-recalc-dims="1"> 
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 <a href="https://bitcoinist.com/solana-meme-coin-trader/">previously reported</a> 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.&nbsp; 
Meanwhile, more recently, pseudonymous crypto trader Larp von Trier was <a href="https://bitcoinist.com/crypto-100-8-3-million-ethereum/">reported</a> to have turned $353 into $8.3 million by investing in $KEYCAT, a <a href="https://bitcoinist.com/solana-meme-coins-myro-wif/">meme coin on Base</a>. 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.&nbsp;&nbsp; 
<h2 id="more-recent-success-stories">More Recent Success Stories</h2> 
Lookonchain also recently revealed a trader who turned <a href="https://bitcoinist.com/crypto-1-6-million-bsc-meme-coin/">$9,770 into $10 million</a> in just a day. The trader spent 64.5 SOL to <a href="https://t.co/GTaRgN09X7" rel="nofollow" target="_blank">buy</a> 97.36 million $GUMMY (another <a href="https://bitcoinist.com/bonk-bullish-massive-burn/">Solana-based meme coin</a>) in the “same block where the $GUMMY deployer added liquidity.” Another trader <a href="https://x.com/lookonchain/status/1782467836969205889" rel="nofollow" target="_blank">turned</a> $110,000 into 48.72 million in just 3 hours by buying $MANEKI.&nbsp; 
Related Reading: <a href="https://bitcoinist.com/morgan-stanley-spot-bitcoin-etfs/">American Investment Bank Morgan Stanley Wants To Add Spot Bitcoin ETFs To 12 New Funds</a> 
Although this trader wasn’t the first to buy the <a href="https://bitcoinist.com/3-meme-coins-market-cap-100-billion-bull-cycle/">meme coin</a>, 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.&nbsp; 
Meanwhile, it is worth noting that there is an ugly side to <a href="https://bitcoinist.com/pepe-flip-dogecoin-shiba-inu/">meme coin</a> trading, as some traders have also recorded significant losses. One is a trader who <a href="https://x.com/lookonchain/status/1784804956073291842" rel="nofollow" target="_blank">recently</a> spent 1,600 SOL to buy $COOL and ended up <a href="https://t.co/YSbJWfPzAJ" rel="nofollow" target="_blank">selling</a> the meme coin for 532.58 SOL, losing 1,067.42 ($152,000) in the process.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/7zjFWvvV/" alt="Solana price chart from Tradingview.com (meme coin traders)" width="3286" height="1530">

How These Solana Meme Coin Traders Turned $6,400 Into $8 Million In 24 Hours

Table of Contents

Bitcoinist

Other articles published on May 1, 2024

Ethereum Plummets Amid Bearish Market Sentiment: How Low Can ETH Go?

The Bullish and Bearish Case for Shiba Inu (SHIB) Price

Top Three Coins That Every Investor Must Add To Their Portfolio

Take-Two Reportedly Shutting Down Seattle Office, Lay Off 70 Employees

US PMI Data Impact on Bitcoin Analyzed

BlackRock Sets New Standard in Tokenization of Real World Assets With BUIDL’s Success

Join our free newsletter for daily crypto updates!