A dealer printed greater than $1.6 million in good points after getting in early on one of many newest memecoin developments on the Solana (SOL) blockchain, on-chain information exhibits.
First reported by blockchain monitoring agency Lookonchain, one dealer made big income going lengthy on Wen (WEN), a memecoin constructed on Solana.
Lookonchain says the dealer made $682,000 in USDC and has a further $941,000 in unrealized income nonetheless sitting of their pockets.
“In simply 14 hours, this dealer remodeled $1.6 million buying and selling MEME coin WEN!
He spent 125,500 USDC to purchase 20 billion WEN when WEN opened buying and selling, and offered 12.5 billion WEN for 807,000 USDC, realizing a revenue of 682,000.
And presently holds 7.6 billion WEN ($941,000), with an unrealized revenue of $941,000.”
At time of writing, WEN is buying and selling at $0.000142 with a market cap of $142.34 million.
Following Solana’s huge 2023 rallies, memecoins have been within the highlight, with a number of cash throughout the Ethereum (ETH) rival’s ecosystem exploding within the final a number of months, together with Dogecoin (DOGE) competitor BONK.
Lookonchain reported earlier this month {that a} worthwhile BONK dealer bought greater than three billion BONK after a dip.
“This sensible dealer who made ~$6.9 million on BONK spent 386 SOL ($40,000) to purchase 3.29 billion BONK once more [on January 9th]!
He collected 371.4 billion BONK in 9 months at a value of solely 6,998 SOL ($276,000) and offered half of the BONK throughout the BONK surge for 50,139 SOL ($5.2 million).”
At time of writing, BONK is buying and selling at $0.000012 with a market cap of $712.818 million.
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