Solana Meme Coin Mania Continues As One Trader Turns $72K Into $30.2M

Updated: 18 March 2024

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The frenzy around Solana meme coins has helped one trader turn $72,000 into $30.2 million after buying the newly launched $BOME meme coin.

Book of Meme ($BOME) witnessed a massive price pump on Saturday after Binance announced its listing, and its market cap increased by nearly $1 billion within two days of trading.

A trader called Sundayfunday.sol made an initial investment of 420.69 SOL, worth $72,000 at the time, into BOME. The value ballooned to over $32 million within three days.

sundayfunday.sol turned $72K into $30.2M in just 3 days on $BOME!😱

sundayfunday.sol is the largest $BOME pre-sale participant, spending 421 $SOL($72K) to participate in the pre-sale of $BOME and received 1.43B $BOME($30.6M currently).

He sold 190M $BOME for 19,646 $SOL($3.66M)… pic.twitter.com/4m3spvkI72

— Lookonchain (@lookonchain) March 17, 2024

The trader took profits just before the meme coin tanked. BOME is down by 50% in the last two days to trade at $0.0137 at 06:25 EST.

Trader Makes $3 Million On SLERF Amid Developer Mishap

Another trader made $3.02 million within 12 minutes after buying Solana-based SLERF meme coin.

The trader spent $1.98M worth of SOL to buy the meme coin. He then sold his stash for $5 million after just 12 minutes, raking in a huge profit.

Unbelievable!😱

This guy made ~$3.02M in just 12 minutes by trading $SLERF!

He spent 9,894 $SOL($1.98M) to buy 69.74M $SLERF immediately after opening trading.

Then sold it for 25,001 $SOL($5M) within 12 minutes.

Making 15,107 $SOL($3.02M) in just 12 minutes!… pic.twitter.com/KyKkefVdKj

— Lookonchain (@lookonchain) March 18, 2024

His trade comes against the backdrop of SLERF’s developer accidentally burning nearly all the token’s supply, losing $10 million. The burnt tokens were meant for presale participants.

“I burned the LP and the tokens that were set aside for the airdrop,” the developer said. “Mint authority is already revoked… I am so f_ing sorry.”

I initially tried to burn the LP using solana tools vercel and it wouldnt go through. So I went to sol incen and was clearing out the shitcoins people sent to the wallet and accidently burned them with the pile of other coins.

— Slerf (@Slerfsol) March 18, 2024

Despite the mishap, the price of $SLERF is up by over 50% in the last 24 hours to trade at $1.17 at 06:27 EST.

Ethereum educator Anthony Sassano is warning against investing in new meme coins amid the ongoing frenzy. According to him, the current “bidding Ponzi” trend is similar to what happened in 2022.