Trader Turns 60 SOL into $1.26 Million with Meme Coin Investment

On March 10, a user spent 60 SOL ($8673) to purchase 24.8 million HAMMY meme tokens on Solana. Within two months, this investment grew to $1.26 million, as noted by Lookonchain.

This trader is so patient!

He turned 60 $SOL($8,673) into $1.26M in 2 months, a gain of 144x!

He spent 60 $SOL($8,673) to buy 24.8M $HAMMY at $0.00035 on Mar 10.

About a month later, the price rose to $0.007, and his gain had exceeded 20x, but he did not sell for profit.… pic.twitter.com/7k66nwgQOZ

— Lookonchain (@lookonchain) May 7, 2024

The investor acquired the coins at a price of $0.00035. About a month later, the price rose to $0.007, increasing his deposit 20-fold. However, he did not cash in on the profit, experts noted.

By May 4, the trader sold 12.8 million HAMMY for 2711 SOL (~$401,000). He continues to hold 12 million HAMMY, currently valued at ~$858,000.

The user’s initial investment in the meme coin increased 144 times, with total profits exceeding $1.25 million, specialists at Lookonchain highlighted.

In April, they identified a trader who earned over $26 million from meme token trading within a few months. Another investor gained $1.5 million from seven coins.

Earlier, Synthetix founder Kain Warwick described meme tokens as a useful tool for DEX, attracting unconventional DeFi traders to platforms.