The presence of the Solana network is back as one notable trader has earned $23 million through BONK, Dogwifhat (WIF), and other meme coins. Indeed, LookonChain reported the massive profit earned by one trader who took full advantage of Solana’s meme coin mania that has dominated most of the year.
The trader reportedly realized profits on Friday for positions held in the two aforementioned meme coins along with Jeo Boden (BODEN). Throughout his investment journey to amass profits, the trade received $6.28 million from BONK, $9.51 million from WIF, and finally more than $7 million from BODEN.
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Solana Meme Coin Trader Cashes Out $23 Million
The debate within the digital asset market regarding the long-term viability of meme coins has been ongoing. Yet, it has not stopped the assets from leading investors to tremendously high profits. That was especially true for one investor taking advantage of the recent surge in meme coins that took place earlier this year.
Specifically, the Solana network helped one trader $23 million in profits through an invest in the Blockchains meme coins. Specifically, positions in BONK, WIF, and BODEN led to the massive cash out from the investors.
According to LookonChain, the trader invested in BONK as early as November 11th. The user has noted its increased value and acquired some of the assets. Additionally, they utilized swing trades- buying low and selling high- to earn more than $6 million from the coin.
Also Read: Solana: WIF & BONK Meme Coins Surge as SOL Surges 10%
When the two other meme coins began to show some upward momentum, he didn’t hesitate to grab them as well. On December 4th the investors purchased WIF, while he started trading BODEN as recently as March.
The trader has investments made in meme coins like Pup (PUPS) and Popcaat (POPCAT). Considering their tremendous success in the market it is now a surprise they are continuing to invest. The ongoing reality of meme coins is their ability to skyrocket prices, despite their lack of utility.