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A crypto trader made millions of dollars in profit on a Solana (SOL)-based memecoin in a matter of weeks, according to the digital asset tracker Lookonchain.
Lookonchain notes that the trader spent 3,100 SOL worth $530,000 to buy 12.08 million Jeo Boden (BODEN) two days after BODEN went online last month.
BODEN is a new memecoin built on Solana.
On April 6th and 9th, the trader sold a total of 9.08 million BODEN for 23,758 SOL worth $4.06 million, realizing a profit of 20,659 SOL ($3.53 million).
The crypto trader still holds 3 million BODEN. With the memecoin trading at $0.793 at time of writing, that leftover trove is worth nearly $2.38 million.
Source: Lookonchain/X
Between the realized gains from the trades on April 6th and 9th and the unrealized gains from the leftover BODEN, the trader has netted more than 11x in profit from the original trade last month.
BODEN is down more than 6% in the past 24 hours but up more than 56% in the past week and more than 1,700% in the past month.
SOL is trading at $170.18 at time of writing. The leading Ethereum (ETH) competitor is down nearly 3% in the past 24 hours and nearly 9% in the past seven days, though it is up more than 15% in the past month.
Generated Image: DALLE3
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