If you think meme coins are just a joke, think again. A trader on Solana network made $3.47 million from $900 by buying and selling a meme coin called ANALOS. Here’s how it happened.
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ANALOS is a meme coin spelled “Solana” backward. The token is one of the many Solana-based meme coins that have emerged recently, following the success of BONK and MELON. These coins are designed to be fun and playful, but also to showcase the potential of Solana’s fast and scalable blockchain.
The trader, who goes by the name of @solanalover on X, bought 2.6 billion ANALOS tokens on November 20 for 12 SOL, which was worth about $900 at the time. He then held on to his tokens as the price soared by over 1,367% in five days, reaching a peak of 0.0018 USDC per ANALOS on November 25. He then sold his tokens for USDC, making a whopping $3.47 million in profit.
The trader shared his story on Twitter, saying that he was inspired by another Solana meme coin trader who made $1 million from BONK. He also thanked the ANALOS team and community for their support and generosity.
But what makes ANALOS so special?
According to its website, ANALOS is “a community-driven project that aims to create a decentralized ecosystem for meme lovers on Solana”. The project has an active team that is working on developing various features and products, such as a meme marketplace, a meme NFT platform, a meme DAO, and a meme launchpad.
One of the biggest supporters of ANALOS is Gotbit, a crypto hedge fund that specializes in market making and liquidity provision. Gotbit announced that it will invest $1 million in ANALOS and buy back ANALOS tokens from the market to support the growth of the project. Gotbit also praised the ANALOS team for their long-term vision and dedication.
ANALOS is not the only Solana meme coin that is making waves in the crypto space. Other coins such as BONK, MELON, SOLAPE, and SOLCAT have also seen impressive gains in recent weeks, attracting more attention and investment to the Solana ecosystem.
Meme coins may seem like a silly trend, but they are also a powerful way to introduce new users to the world of crypto and blockchain. By combining humor, creativity, and innovation, meme coins can offer both entertainment and value to their holders. And as the case of ANALOS shows, they can also make some people very rich.
Source:
https://thecryptobasic.com/2021/11/26/a-trader-on-solana-network-made-3-47-million-from-900/