BORK Frenzy on Solana: Investor Turns 4 SOL into 2,250 SOL in 5 Days
Several Solana ecosystem tokens posted a bull run, which attracted profit-taking from early investors.
Following an impressive resurgence, Solana has emerged as one of the hottest cryptocurrencies in recent weeks.
The digital asset has witnessed a remarkable surge, soaring by over 775% in the last year, attracting investors eager to leverage its impressive rally, which in turn has pumped several tokens based on the Solana blockchain.
BORK Mania on Solana
According to the latest data from blockchain analytics platform Lookonchain, a trader managed to generate approximately 2,250 SOL, equivalent to about $245,000, within a span of five days, starting with an initial investment of 4 SOL.
The trader reportedly spotted BORK, a memecoin on the Solana blockchain, within 10 minutes of opening trading. Using 4 SOL, the trader purchased 1.2 billion BORK and subsequently sold 888 million for 1,454 SOL.
As of now, the trader holds 311.4 million BORK, which is valued at approximately 800 SOL. This comes as BORK rallied over 600% in the past day alone amidst a broader recovery of memecoins on the Solana network.
Solana Memecoins Rally
The memecoin frenzy has triggered profit-taking from early investors in these projects, likely capitalizing on significant returns from their initial positions as prices surged.
This is evidenced by another observation made by Lookonchain, which revealed that a smart trader traded 27 memecoins on Layer 1 blockchain in 11 days, 21 of which were profitable. He made a total of nearly $77.7K, with a win rate of 78%.
Last month, another Solana investor reaped almost $2 million in profits by investing in yet another memecoin with just 1.5 SOL. The individual discovered Silly Dragon (SILLY), a memecoin featuring a whimsical dragon as its mascot.
Within five minutes of the memecoin entering the market, the trader exchanged 1 SOL, valued at approximately $62 at that time, for 43 million SILLY tokens. Over the next 22 days, the value of the tokens surged to around $2 million as SILLY reached new highs, achieving a market capitalization exceeding $123 million.
As investors resorted to profit-taking, several memecoins on Solana have experienced pullbacks lately.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
SEC Orders Ex-Genesis CEO to Pay $500K Penalty for Misleading Investors
Genesis suffered a $1 billion shortfall in 2022 due to the default of crypto hedge fund Three Arrows Capital (TAC).
Ahead of Trump's inauguration, experts weigh in on a 'pivotal moment' for crypto
Donald Trump will be sworn in as the 47th President of the United States later today, representing a “pivotal moment” for the crypto industry, according to experts.Establishing a bitcoin strategic reserve and commuting the sentence of Silk Road creator Ross Ulbricht are among the executive orders speculated for Trump’s first day.
'Trump inauguration euphoria' prompts $2.2 billion in crypto fund flows and AUM all-time high: CoinShares
Global crypto investment products attracted net inflows of $2.2 billion last week amid “Trump inauguration euphoria,” according to asset manager CoinShares.Last week’s inflows and positive price action were enough to propel total assets under management to an all-time high, CoinShares Head of Research James Butterfill noted.
Trump Family Memecoins Overload Solana Network, Spark Investor Concerns