Trader Nets $1M Profit Trading Sotheby’s VP's New Meme Coin

Trader Nets $1 Million Profit In 30 Minutes Trading Sotheby’s Vice President’s New Meme Coin

Updated: 05 December 2024

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A crypto trader was able to achieve a $1 million profit within just 30 minutes trading a new meme coin called Nothing (VOID) that was launched by Sotheby’s vice president, Michael Bouhanna.

The trader spent 35 Solana (SOL) worth around $8,200 to buy 462 million VOID, accounting for 44% of the crypto’s supply, shortly after the meme coin’s launch. Just 30 minutes after the purchase, the trader sold 439 million for 6,604 SOL worth more than $1 million, according to a Dec. 4 X post by on-chain analytics platform Lookonchain.

Despite the big sale, GeckoTerminal data shows that VOID’s price is still up more than 3,400% in the last 24 hours to trade at $0.011 as of 7:07 a.m. EST.

Not The Sotheby’s Vice President’s First Meme Coin Launch

Bouhanna teased the art-themed meme coin in a Dec. 4 X post. Shortly after the post was published, a wallet address associated with the executive then minted the new token.

🔜

— Michael Bouhanna (@michaelbouhanna) December 3, 2024

This is not Bouhanna’s first meme coin launch. Previously, he created a meme coin called Comedian (BAN) through the popular Solana meme coin creation platform Pump.fun. This crypto was inspired by the $6 million banana artwork that was recently purchased by Tron founder Justin Sun.

Past Insider Trading Allegations

With the launch of BAN, Bouhanna faced allegations of insider trading. Lookonchain said that Bouhanna achieved a $1 million profit through the crypto’s launch. The analytics firm also claimed that the Sotheby’s executive had purchased many meme coins in the past before launching his own crypto, but “made almost no money.”

Recently, there have been many misconceptions and false claims circulating about the launch of a meme coin called BAN, and I want to clarify what happened and clear the air.

9 days ago I launched a token called BAN on the Pump. Fun platform as a spontaneous project and a…

— Michael Bouhanna (@michaelbouhanna) November 3, 2024

The executive responded to the allegations of insider trading on X, calling the claims “completely false.” He then said that the wallet flagged by the analytics firm did not belong to him. Bouhanna also burnt 3.7% of the token’s supply that he held in his “creator wallet,” he added.