On-chain data shows that one trader has made a million dollars in a few months on a memecoin based on Solana.
Lookonchain, a blockchain tracking company, says an investor who bought TROLL could see a profit of over 130,000%. The memecoin TROLL was inspired by internet trolling and has seen exploding gains in the past month.
From $2,900 up to $3.78 in only 3.5 months! That’s a return of 1,300%.
The trader ‘frostx.sol,’ who spent $2,900 on 20.91 millions TROLL in March, has sold 2,55 million for $56,700, and holds 18,36 million ($3.73million). Since TROLL surged, his position flipped 1,300x with a $3.78m profit .”
TROLL reached an all-time-high on Wednesday, $0.2018. This is a 423% increase from the seven-day-low of $0.0403. TROLL is currently trading at $0.1669, up 15.2% from the previous day’s high.
TROLL, with a $175 million market cap is 344th biggest crypto project.
According to Glassnode, the crypto analytics platform, Solana may lose investor interest despite gaining network activity due to memecoin’s craze.
Glassnode claims that a key metric indicates that Ethereum (ETH), may suddenly be attracting more investment at the expense Solana. To track capital flows, the firm relies on the Hot Realized Capmetric. This metric measures capital that has been held in accounts active over the past seven days.
The SOL/ETH ratio has been in a downtrend for a while now, and is at its YTD lowest of 0.045. ETH experienced record inflows of short-term capital on the 29th July, while SOL reached a peak locally. Both are now slowing down. SOL’s cooldown is more pronounced, signaling a fading rotation .”
ETH currently trades for $3,649, an increase of 1.7% over the past 24 hours. SOL, on the other hand, is currently trading at $167, an increase of 2.6% for the day.
Join us at X@InvCryptoDaily and don’t miss a beat – subscribe to receive email alerts directly in your mailbox ___________________ ___________________
Images Can Be Found on Pixabay Creative Commons & Midjourney
The post This Post Trader Gets 1,300x Profits as Solana Memecoin Rallyes Explosively: Lookonchain can be updated to reflect new information.
This site is for entertainment only. Click here to read more
