SMOLE, SLERF, and Shroom are all meme coins based on the Solana network. Over the past few weeks, the protocol has seen an influx of memes on the ecosystem, propelled by the recent rally in the market.
A cryptocurrency whale trader has generated massive profits by investing in a new meme coin named SMOLE within 15 minutes of trading.
The whale reportedly purchased around 22.21 billion SMOLE tokens during its presale for 18,460 SOLs, Solana’s native crypto. Shortly after the token started trading, the investor cashed out 37,446 SOL, resulting in a profit of 18,986 SOL.
Someone made 18,986 SOL in just 15 minutes 🤯 😲
A trader spent 18,460 SOL to buy 22.21B $SMOLE just 1 second after it started trading
He then sold it for 37,446 SOL after 15 minutes, making a profit of 18,986 SOL pic.twitter.com/cXa8md0DUm— Elja (@Eljaboom) March 21, 2024
Meme Coin SMOLE Raises $30 Million in Presale
According to data from CoinMarkCap, the current price of SOL is $190, which puts the profits at $3.6 million.
Earlier this week, the developers behind the creation of SMOLE conducted a presale for the meme coin, raising 169,982 SOL, worth around $30 million during the fundraising event.
The figure marked the largest fundraising effort by any Solana-based meme coin to date.
After the presale event was completed, the developer Dekadente said the project would officially launch on 18 March 2024 at an undisclosed time. However, the token was issued on 21 March. It became available for trading after listing on different crypto exchanges, including HTX, Bitrue, XT.com, and Gate.io.
Within a few minutes of launch, SMOLE reached $0.0003639. However, at press time, it had retraced to $0.0001927.
Not the First
Meanwhile, the whale’s earning of $3.6 million within a few minutes is just one of the numerous events in crypto where investors become millionaires for investing in a certain coin.
In the last bull run, two brothers in the United States, Tommy, 38, and James, 42, became millionaires overnight after betting on Shiba Inu’s SHIB. The brothers invested a total of $7,900 in the token in 2021 and generated a whopping $9 million in profits.
Earlier this month, another crypto trader reaped a significant profit of $3.02 million in just 12 minutes. The trader invested approximately $1.98 million into a new token called SLERF.
According to reports, the trader bought 69.74 million SLERF tokens, which turned into $5 million.
A few days ago, it was reported that an anonymous trader netted $8.9 million in profits less than 60 minutes after investing in a meme coin called Shroom.
The trader spent approximately 6,000 SOL to purchase the digital assets, which he sold for 57,112 SOL later.
SMOLE, SLERF, and Shroom are all meme coins based on the Solana network. Over the past few weeks, the protocol has seen an influx of memes on the ecosystem, propelled by the recent rally in the market. For now, the market capitalization of meme coins on Solana has reached more than $6 billion.