A trader using the domain paulo.sol in the SNS has garnered over $26 million in profits by trading meme coins on Solana, as noted by experts at Lookonchain.
What a legend!?
paulo.sol has realized profits of $9.51M on $WIF, $7.04M on $boden and $6.28M on $BONK.
1/ Let’s dig into his trades to see what he’s buying.? pic.twitter.com/2axUwHb3el
— Lookonchain (@lookonchain) April 26, 2024
On November 11, 2023, paulo.sol noticed the rising price of Bonk (BONK) and invested in the asset. Through swing trading, he capitalized on the token’s price fluctuations, earning approximately $6.28 million.
On December 4, the user began buying and trading Dogwifhat (WIF), followed by Jeo Boden (BODEN) in March 2024. Both instances coincided with sharp increases in the meme coins’ values.
In total, paulo.sol achieved profits of $9.51 million and $7.04 million from trading these coins, respectively.
According to Lookonchain, the trader still holds positions in BODEN worth $7.6 million and in WIF worth $5.7 million.
Experts noted that paulo.sol has also started acquiring other meme tokens, spending $1.77 million on POPCAT and nearly $6 million on PUPS, becoming the largest holder of the latter on Solana.
Don’t call him lucky, he has more conviction than others. Do research
— Zia ul Haque (@ImZiaulHaque) April 26, 2024
“Don’t call him lucky, he has more conviction than others. Do research,” commented one observer.
Another mentioned saving the Lookonchain thread, presumably as a trading guide.
Analysts from the company have previously highlighted successful trader actions amidst the ongoing meme token boom, which has raised concerns of a “bubble” among some experts.
Recently, they observed an unknown trader earning $1.5 million in two days by trading seven coins. Another trader turned $9,769 into $10 million in a day with the new token GUMMY.
Earlier, a16z and Compound warned that the hype around meme coins threatens the long-term prospects of the crypto industry.