In a remarkable turn of events, a savvy trader managed to turn a modest $2,275 investment in Solana (SOL) into a staggering $2.26 million within just eight hours. This extraordinary profit, made through the new memecoin 1DOL, has sparked insider trading allegations and highlighted the lucrative yet volatile nature of memecoin trading.

The Memecoin Miracle

The trader, whose wallet is known as “sundayfunday.sol,” made headlines with an impressive 993x gain on their initial investment. According to a May 19 post by Lookonchain, the trader spent 13 SOL ($2,275) to purchase 242 million 1DOL tokens. Just eight hours later, the value of these tokens skyrocketed to $2.26 million. Lookonchain noted, “8 hours ago, He spent 13 $SOL ($2,275) to buy 242M #1DOL, which is currently worth $2.26M!”

Rise of Memecoins

Memecoins like 1DOL, Dogewifhat (WIF), and Pepe have gained significant attention in the cryptocurrency world, especially following the Bitcoin halving. Despite lacking any intrinsic utility, these coins often achieve multibillion-dollar valuations, creating massive profits for early investors.

The Trader’s History

This isn’t the first time “sundayfunday.sol” has made headlines for impressive trading gains. The trader was also the largest pre-sale participant of the Book of Memes (BOME) token, purchasing over $72,000 worth of BOME at presale. At its peak, these holdings were valued at over $40 million. Despite taking profits on some of the BOME tokens, the trader remains the largest individual holder, currently holding 894 billion BOME tokens valued at $10.5 million.

1DOL’s Volatile Journey

1DOL launched on May 18 and quickly soared to a peak price of $0.018 by the following day. However, the price has since plunged to $0.004, marking a 43% decline in the past 24 hours, as reported by CoinMarketCap. The rapid rise and fall of 1DOL highlight the inherent volatility and risks associated with memecoin trading.

Allegations and Speculation

The trader’s remarkable profit has not gone unnoticed, prompting allegations of insider trading and money laundering from the crypto community on social media platforms. Critics point to the low liquidity of the trading pool, which is currently valued at $291,000 worth of SOL tokens. This low liquidity makes it challenging for the trader to cash out their profits without significantly impacting the price of 1DOL.

The story of “sundayfunday.sol” turning $2,275 into $2.26 million in just eight hours underscores the high-risk, high-reward nature of memecoin trading. While the trader’s success is undeniable, it also brings to light the potential for market manipulation and the volatility that characterizes this segment of the cryptocurrency market. As the crypto community continues to debate the ethics and legality of such trades, one thing remains clear: memecoins are here to stay, offering both extraordinary opportunities and significant risks.