Solana Meme Coin WEN Made One Trader $1.6 Million In Just 14 Hours

Updated: 29 January 2024

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A crypto trader was able to print more than $1.6 million in gains after getting in early on the Solana meme coin Wen (WEN), according to the on-chain tracking platform Lookonchain.

“In just 14 hours, this trader made over $1.6 million trading MEME coin WEN!” the platform said in a post on X.

WEN Trader Still Has $941,000 In Unrealized Profit

Lookonchain said the trader made $682,000 in USD Coin (USDC) and held an additional $941,000 in unrealized profits sitting in a wallet.

“He spent 125,500 USDC to buy 20 billion WEN when WEN opened trading, and sold 12.5 billion WEN for 807,000 USDC, realizing a profit of 682,000, “ said Lookonchain.

The platform said that the trader “currently holds 7.6 billion WEN tokens.” Over the past 24 hours, WEN surged more than 24% to trade at $0.0001594 as of 5:50 am EST, according to CoinMarketCap data.

Traders Capitalize On Solana Meme Coin Frenzy

Solana meme coins have been in the spotlight lately due to their impressive performances. This follows SOL’s rally last year, which injected a wave of bullish momentum into the ecosystem.

Some of the traders looking to profit on this volatility have managed to generate substantial profits. Earlier this month, Lookonchain revealed that a trader achieved massive gains trading Bonk, another popular meme coin housed on the Solana network.

In a Jan. 9 post, the platform noted that a “smart trader” who made around $6.9 million on BONK “spent 386 SOL ($40,000) to buy 3.29 billion BONK again!” This specific trader accumulated 371.4 billion BONK tokens in 9 months.

This smart trader who made ~$6.9M on $BONK spent 386 $SOL($40K) to buy 3.29B $BONK again today!

He accumulated 371.4B $BONK in 9 months at a cost of only 6,998 $SOL($276K) and sold half of the $BONK during the $BONK surge for 50,139 $SOL($5.2M).https://t.co/pOFRD2ndI8 pic.twitter.com/lkgGm13G0e

— Lookonchain (@lookonchain) January 9, 2024

The cost of this accumulation was 6,998 SOL, which was around $267,000, according to Lookonchain. On-chain data shows that the trader then sold half of the newly-purchased BONK for 50,139 SOL during the meme coin’s surge, which totaled $5.2 million.