Trader Sees Million Dollar Profits on Solana-Based Memecoin
One trader is currently experiencing significant profits on a Solana (SOL)-based memecoin, with on-chain data revealing impressive gains in just a few months.
According to blockchain tracking firm Lookonchain, an investor in TROLL is looking at a gain of over 130,000% after the memecoin, inspired by internet trolling culture, surged in value over the last month.
“From an initial investment of $2,900 to $3.78 million in just 3.5 months – a remarkable 1,300x return! Trader ‘frostx.sol’ initially purchased 20.91 million TROLL three months ago, sold 2.55 million for $50,700, and currently holds 18.36 million TROLL valued at $3.73 million. With TROLL’s recent surge, the position has seen a nearly 1,300x increase, resulting in a profit of $3.78 million.”
TROLL reached an all-time high of $0.2018 on Wednesday, marking a more than 423% increase from its seven-day low of $0.0403. As of the latest update, TROLL is trading at $0.1669, reflecting a 15.2% increase for the day and holding a market cap of $175 million, ranking as the 344th largest crypto project.
On the other hand, Solana, which has seen increased network activity due to the memecoin frenzy, may be experiencing a decline in investor interest, as per insights from crypto analytics platform Glassnode.
Glassnode has highlighted a key metric indicating a shift in investor attention towards Ethereum (ETH) at the expense of Solana. The firm utilizes the Hot Realized Cap metric to monitor the capital inflow from new investors, noting a decline in the SOL/ETH hot capital ratio.
“The SOL/ETH hot capital ratio is currently at its year-to-date low of 0.045, signaling a potential shift. Ethereum witnessed record short-term inflows on July 29th, while Solana peaked locally, with both now decelerating. The cooling off is more pronounced for Solana, suggesting a noticeable rotation towards ETH.”
At present, Ethereum is trading at $3,649, reflecting a 1.7% increase in the last 24 hours, while Solana is trading at $167, up 2.6% for the day.
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Generated Image: Midjourney