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

• A dealer turned $900 into $3.47 million buying and selling a Solana-based memecoin
• Solana’s TVL hit $1.48 billion amid rising liquidity

Solana’s [SOL] resurgence this yr has not been restricted to its value motion alone. The complete Solana ecosystem has helped merchants submit main positive factors, as underlined by Lookonchain’s newest replace.

One of many areas Solana has thrived in is memecoins constructed utilizing the blockchain.

It’s meme season on Solana

The emergence of a number of memes has turned just a few thousand into thousands and thousands for merchants prepared to take the danger. Nonetheless, it is usually necessary to say that some risk-takers have been rug pulled on the identical ecosystem.

In accordance with Lookonchain, one dealer turned $900 right into a whopping $3.47 million inside 5 days, due to a memecoin referred to as ANALOS.

The carnival on #Solana continues to be occurring!

A dealer turned $900 into $3.47M by buying and selling $ANALOS on #Solana in 5 days.

A achieve of over 3800x!😱

The dealer spent 12 $SOL($900) to purchase 2.6B $ANALOS 5 days in the past, then offered 1.45B $ANALOS for 1.43M $USDC.
He’s promoting $ANALOS at the moment… pic.twitter.com/53HrK2KyPR

— Lookonchain (@lookonchain) December 25, 2023

In accordance with the crypto-analytics platform, the dealer in query spent 12 SOL price $900 shopping for 2.6B ANALOS, earlier than promoting 1.45B ANALOS for 1.43M USDC.

Whereas the dealer has already booked a revenue of $3.47M, the dealer nonetheless has 1.12B ANALOS  left with him.

Nonetheless, ANALOS shouldn’t be the primary memecoin to provide Solana merchants such income. The likes of Bonk [BONK], MYRO, and POPCAT have additionally had their justifiable share of dominance.

In the meantime, AMBCrypto checked buying and selling aggregator Birdeye to see what has been occurring with the Solana ecosystem.

In accordance with what we gathered, meme buying and selling exercise is quite common on the blockchain. Additionally, a bunch of memes have emerged currently corresponding to COPE, GFY, and DARK.

The fascinating half is that a few of these tokens have been following in ANALOS’ path. Nonetheless, merchants will do properly to substantiate if these tokens usually are not scams, as some have been deemed to be.

Cautious with the thrill

On account of these strikes, belief has returned to Solana, as evidenced by the Complete Worth Locked (TVL).

A number of months in the past, Solana’s TVL was price lots of of thousands and thousands of {dollars}. Quite the opposite, at press time, DeFiLlama showed that it had grown to $1.48 billion.

This progress, a hike price 47.63% within the final seven days, was additionally the best efficiency out of the highest 10 inside the stated interval.

The TVL is an indicator of a venture’s well being. When the worth decreases, it means market individuals are refraining from locking belongings on a protocol.

Nonetheless, Solana’s TVL efficiency means that gamers belief the venture sufficient to deposit liquidity for elevated yield.

How a lot are 1,10,100 SOLs price at the moment?

That is additionally one of many causes Solana beat Ethereum [ETH] when it comes to DEX quantity. Because it stands, it’s seemingly for merchants to begin searching for the subsequent gem on Solana, in addition to the native token.

On the similar time, it isn’t assured that any of those memes would replicate the performances of BONK, MYRO, or ANALOS.