If you thought the gains being made in Solana’s meme coin ecosystem were crazy before, you’ll want to hear about this latest mind-blowing trade. A savvy crypto investor who pocketed $1.35 million from the rise of BOME has now struck it richer, banking over $90 million from the newly launched meme token MEW.
The details come from on-chain data analyzed by LookOnChain. According to their report, this trader spent around $1.07 million worth of SOL (5,490 SOL) to scoop up a whopping 9.58 billion MEW tokens. At the time, this gave them ownership of 10.8% of the total circulating supply.
MEW is the hot new meme coin taking over the Solana ecosystem, skyrocketing over 350% in price this past week alone. Its market cap has already eclipsed $650 million as of this writing. With the trader’s enormous token holdings, their unrealized profit currently sits at over $90 million from this investment!
You can verify the wallet movements and token holdings yourself on the Solana blockchain explorer SolScan.
This report is yet another example of the astronomical gains being generated by meme coins and speculative crypto assets during the current bull cycle. While such volatile assets carry immense risk, the potential upside has clearly been life-changing for some investors.
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Show more +The Solana ecosystem in particular has birthed several meme coin phenomenons over recent months, including BONK, WIF, BOME and now MEW. Each has seen triple or even quadruple-digit percentage rallies, minting new millionaires along the way for those fortunate enough to get in early.
With the euphoria and hype around meme coins showing no signs of slowing down, more stories of outrageously profitable trades are likely still to come. Tales like this $90 million MEW haul only further fuel the mania and attract more speculative inflows chasing the next mega-winner.
Whether or not such vertigo-inducing rallies are sustainable long-term is yet to be seen. But one thing is for certain – the current meme coin craze is radically reshaping wealth in the crypto markets.
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