Solana trader turns $2,275 into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested 2,275worth of Solana (SOL) to buy a stash of meme coins, which then became worth $2.26 million in just eight hours.

The trader, operating under the wallet name “sundayfunday.sol,” achieved an over 993x gain on their 13 SOL token investment into the newly launched memecoin 1DOL.

“8 hours ago, He spent 13 $SOL ($2,275) to buy 242M #1DOL, which is currently worth $2.26M!” the post noted.

Memecoins like Dogwifhat (WIF) and Pepe (PEPE) have gained serious attention since the Bitcoin halving, often reaching multibillion-dollar valuations despite having no underlying utility. These coins have made millionaires out of some investors, as reflected by the recent success of the 1DOL memecoin.

The trader behind “sundayfunday.sol” is also the largest pre-sale participant of the Book of Memes (BOME) token, having purchased over $72,000 worth of BOME tokens at presale, which peaked in value at over $40 million. Despite taking profits on some holdings, the trader remains the largest BOME holder, currently holding 894 billion BOME tokens worth $10.5 million.

The 1DOL memecoin launched on May 18 and quickly soared to a peak of $0.018 by the next day, before dropping to its current $0.004. Over the past 24 hours, 1DOL has fallen by more than 43%, according to CoinMarketCap.

Despite lacking a website and having a banned X account, 1DOL grabbed massive interest. The profitable trade led to allegations of insider trading and money laundering on social platforms. Critics also pointed out the low liquidity of the trading pool, currently valued at $291,000 in SOL tokens, suggesting it would be difficult for the trader to cash out all their profits without significantly impacting the price of 1DOL.

Over 99% of the savvy trader’s holdings are in the Solana-based WIF memecoin. The wallet holds over $15.8 million worth of WIF, which was valued at over $42 million at its peak. On April 1, the wallet’s value was over $172 million but has since decreased by over 75%, currently down $47 million over the past month, according to CoinStats data.

Last week, another memecoin trader turned a $3,000 investment into $46 million by trading the Pepe memecoin.

One of the biggest risks of trading meme coins is liquidity, especially with newly created tokens. Sometimes, an asset’s exchange rate can skyrocket in a low liquidity environment, creating the illusion of huge gains from a successful trade.

However, these gains are only real when converted into a stable asset like SOL or stablecoins. The same volatility that drove the price up can just as quickly drive it down, wiping out those unrealized gains.