Connect with us
Active Currencies 14915
Market Cap $2,456,852,592,503.60
Bitcoin Share 51.35%
24h Market Cap Change $-1.13

Solana meme trader reaps 3800x gains: What about you?

2min Read

ANALOS is not the first meme to give Solana traders such profits. Are there others in line?

Solana meme trader reaps 3800x gains: How about you?

Share this article

  • A trader turned $900 into $3.47 million trading a Solana-based memecoin
  • Solana’s TVL hit $1.48 billion amid increasing liquidity

Solana’s [SOL] resurgence this year has not been limited to its price action alone. The entire Solana ecosystem has helped traders post major gains, as underlined by Lookonchain’s latest update.

One of the areas Solana has thrived in is memecoins built using the blockchain.

It’s meme season on Solana

The emergence of several memes has turned a few thousand into millions for traders willing to take the risk. However, it is also important to mention that some risk-takers have been rug pulled on the same ecosystem.

According to Lookonchain, one trader turned $900 into a whopping $3.47 million within five days, thanks to a memecoin called ANALOS.

According to the crypto-analytics platform, the trader in question spent 12 SOL worth $900 buying 2.6B ANALOS, before selling 1.45B ANALOS for 1.43M USDC.

While the trader has already booked a profit of $3.47M, the trader still has 1.12B ANALOS  left with him.

However, ANALOS is not the first memecoin to give Solana traders such profits. The likes of Bonk [BONK], MYRO, and POPCAT have also had their fair share of dominance.

Meanwhile, AMBCrypto checked trading aggregator Birdeye to see what has been going on with the Solana ecosystem.

According to what we gathered, meme trading activity is very common on the blockchain. Also, a bunch of memes have emerged lately such as COPE, GFY, and DARK.

The interesting part is that some of these tokens have been following in ANALOS’ path. However, traders will do well to confirm if these tokens are not scams, as some have been deemed to be.

Careful with the excitement

As a result of these moves, trust has returned to Solana, as evidenced by the Total Value Locked (TVL).

A few months ago, Solana’s TVL was worth hundreds of millions of dollars. On the contrary, at press time, DeFiLlama showed that it had grown to $1.48 billion.

This growth, a hike worth 47.63% in the last seven days, was also the highest performance out of the top 10 within the said period.

Solana's TVL

Source: DeFiLlama

The TVL is an indicator of a project’s health. When the value decreases, it means market participants are refraining from locking assets on a protocol.

However, Solana’s TVL performance suggests that players trust the project enough to deposit liquidity for increased yield.

How much are 1,10,100 SOLs worth today?

This is also one of the reasons Solana beat Ethereum [ETH] in terms of DEX volume. As it stands, it is likely for traders to start looking for the next gem on Solana, besides the native token.

At the same time, it is not guaranteed that any of these memes would replicate the performances of BONK, MYRO, or ANALOS.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.