Trader earns 2 million in 22 days buying 90 dollars worth of new Solana memecoin

Memecoins started as a joke during the early years of cryptocurrency. The most famous one, Dogecoin, was developed in 2013 to poke fun at the speculative nature of cryptocurrencies (which were very volatile at the time). However, because the coin with the image of a Shiba Inu proved to be very popular with the software nerds with whom Bitcoin was also a hit, the original memecoin coin has survived.

Many memecoins have been born since then and almost as many have crashed. Those that remain are quite rare.

As such, memecons have become an indispensable part of the world of crypto. This year we saw Bonk, Pepe and many others. During the bull run of 2020 and 2021, it was mainly about Shiba Inu and of course especially Dogecoin.

However, if Wall Street invests more in crypto next year (because of the possible launch of a Bitcoin ETF) and the authorities demand clear rules for investing in crypto, it is not inconceivable that memecoin developers will no longer be allowed to invest in their own products.

Silly

According to rumors on the internet, that is exactly what happened this month when an investor earned no less than 2 million with a purchase of some 90 dollars. Similar to Bonk (which went up 100% in one day earlier this month), it was yet another Solana memecoin, this time called Silly.

Starting with only 1.5 $SOL($92), this trader made $2M in 22 days, a gain of 21,715x!😱

This trader spotted $SILLY 5 minutes after it opened trading and spent 1 $SOL($62) to buy 43.1M $SILLY.

Then he sold 33.34M $SILLY for $528K, and currently has 9.76M $SILLY($1.5M) left,… pic.twitter.com/ByY1Tpupah

— Lookonchain (@lookonchain) December 27, 2023

The anonymous investor bought Silly 5 minutes after it was offered for trading. He used 1 Solana coin, worth about 90 dollars at the time, and bought 43 million Silly.

After 22 days he was looking at a phenomenal profit and decided to cash in $500,000. The remaining coins are still worth one and a half million dollars.

Imagine turning your two figure investment into six figures. A trader invested $60 in $SILLY, turning it into over $1.80M and withdrawing 25% of the profit 💰

What would you do in his place👀? pic.twitter.com/6cR1ASz0Os

— LaCryptoLycus🐺 (@CryptoLycus) December 30, 2023

However, many commentators on social media believe that this is not a coincidence and that the anonymous buyer is actually the coin’s developer.