A cryptocurrency millionaire who made a fortune trading popular Solana meme coins has bought another coin despite ongoing market weakness.
According to Lookonchain, the investor made $7.5 million investing in Dogwifhat (WIF), the third largest Solana (Sol) Meme coin. The token's market cap was $58 million, which rose to $1.5 billion.
The millionaire also made $1.2 million by investing in Peanut the Squirrel (Girls) when its market value reached $460 million. according to Queen Gekko, The token's market capitalization peaked at more than $2.2 billion.
He has now invested in Pippin (PIPPIN), a new Solana meme coin with a market cap of over $262 million. He spent $1.5 million to acquire the token and, according to Nansen, made an unrealized profit of $600,000.
Nansen data shows that top Pepin investors have already made millions. The most profitable investor made $8.48 million, achieving an 855% return on investment.
The other three millionaires made more than $4 million, while another three had revenues of more than $3 million.
On-chain data shows that the WIF, PNUT and PIPPIN millionaire described above has made other highly profitable trades before. He earned $1.12 million in Super Trump (TREMP), $176,250 in MINI, and $103 million in CHAOS. His portfolio includes Tether, APY, Bongo, BIS, and ZOA. Over time, he earned $10 million in realized profits.
Solana meme coins = billions in market cap
Meme coins can actually be minted Millionairesbut the process is often fraught with significant risks, and the huge rewards usually favor insiders or traders who time the market perfectly.
This is especially the case with Solana, which remains the top choice for meme coins like Pippin due to its fast transaction speeds, low fees, and developer tools. Its ecosystem, including DeFi and NFTs, supports liquidity and community growth, while its scalability and decentralization make it ideal for speculative projects to flourish.
according to Queen Gekko, Solana meme coins have accumulated over $16.6 billion in market cap, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, and Fartcoin receiving the most attention recently. The value of all the meme coins is over $108 billion.
Pippin's price jumped 13% following the Lookonchain report, trading at $0.26 – up more than 4,400% from its low this week.
However, the risk is that the token may suffer a major reversal. After all, most other Solana meme coins did just that once the hype died down. For example, the WIF is down 67% from last year's high, while the WIF is down 67% from last year's high ai16z price It fell from its high this week.
These malfunctions can be explained by Wyckoff methodIt explains how asset prices rise and fall. It begins with the accumulation phase followed by coding, which is characterized by increased demand and fear of missing out, or FOMO. Smart money investors start to exit during the distribution phase, leading to stagnation during the markdown phase.
Pippen's popularity rises
according to Memecointer.comPippin was created by Yohei Nakajima, a venture capitalist whose exposure to AI led to the design of the Pippin unicorn logo via the latest large language modeling standard in ChatGPT 4.0.
Nakajima, who is followed by billionaires Jeff Bezos and Marc Andreessen, leads venture capital firm Untapped Capital with entrepreneur Jessica Erin Jackley.
Additionally, Nakajima is the founder of the open source BABYAGI project, further highlighting his contributions to the AI community.
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