As the global crypto market continues to experience exponential growth in recent weeks, memecoins continue to steal the headlines. Recently, a crypto trader earned a massive profit of over $1 million in just 16 days with the Solana-based memecoin Silly Dragon.
What is Silly Dragon?
Silly Dragon is a Solana-based memecoin that made its debut on December 5 as an internet meme character featuring a little dragon that was in the costume of Anatoly Yakovenko, cofounder of Solana, during Halloween in 2023.
Just like every other memecoin, Silly Dragon lacks real-world utility, riding on a wave of internet culture and social media trends. Its creators have incorporated popular online jokes and references into the token’s identity, capturing the attention of the internet-savvy audience.
Following its launch, the memecoin continues to experience impressive growth, trading at $0.08 at press time, which represents 102.93% in the last 24 hours.
The Trader’s Profit
While some may have dismissed Silly Dragons as a fleeting internet sensation, others believe in it, one of which is the trader who currently has a total profit of $1.55 million.
According to on-chain analyst Lookonchain on X ( formerly Twitter), this trader began trading on December 5th with only 1.5 $SOL, worth $92 at the time. He spent 0.7 $SOL ($42) to buy 20.5M SILLY tokens. After holding for two weeks, the memecoin’s value skyrocketed, which led them to sell a total of 5 million $SILLY for $202,575.
However, although the trader has sold some $SILLY for profit, he still holds 15 million $SILLY, which is currently an unrealized profit of $1.35 million in two wallets. The overall profits stand at a staggering $1.55 million.
3/ The trader sold a total of ~5M $SILLY for 202,575 $USDC and currently has 15M $SILLY ($1.35M) left, which is stored in 2 wallets.
The total profit is ~$1.55M. https://t.co/OEQqIFPt6Ihttps://t.co/KkazWtZlNz pic.twitter.com/vZkg6CIzot
— Lookonchain (@lookonchain) December 21, 2023
Apart from the above success story, other traders dealing with Solana-based memecoin have been experiencing notable profits this month. This week, someone who invested $226,000 in the meme-inspired cryptocurrency Dogwifhat reaped $1.69 million in just five days which is a profit of $1.47 million.
These incidents depict the possibility of earning impressive profits when the value of memecoins rises. However, thorough research and careful consideration of the risks involved are essential when investing in any crypto project.
