A crypto millionaire who made a fortune trading the popular Solana meme coins has bought another despite the current market weakness.
According to Lookonchain, the investor made $7.5 million by investing in Dogwifhat (WIF), the third largest meme coin from Solana (SOL). The market capitalization of the token was $58 million, which has increased to $1.5 billion.
The millionaire also made $1.2 million by investing in Peanut the Squirrel (PNUT) when it had a market capitalization of $460 million. According CoinGecko, The token's market capitalization peaked at over $2.2 billion.
You have now invested in Pippin (PIPPIN), a new Solana meme coin with a market capitalization of over $262 million. He spent $1.5 million to acquire the token and, according to Nansen, has an unrealized gain of $600,000.
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Nansen data shows that Pippin's biggest investors have already made millions. The most profitable investor has earned $8.48 million, generating an 855% return on investment.
The other three millionaires have earned more than $4 million, while three more have generated more than $3 million in profits.
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On-chain data shows that the WIF, PNUT and PIPPIN millionaire described above has made other highly profitable transactions before. He won $1.12 million on Super Trump (TREMP), $176,250 on MINI, and $103 million on CHAOS. Its portfolio comprises Tether, APY, Bongo, BIS and ZOA. Over time, he has made $10 million in realized profits.
Solana meme coins = billions in market cap
Meme Coins Really Can Be Minted millionairesBut the process is often fraught with significant risks, and massive rewards typically favor insiders or traders who time the market perfectly.
That's especially the case with Solana, which remains one of the best options for meme coins like Pippin due to its transaction speed, low fees, and development tools. Its ecosystem, including DeFi and nft, supports liquidity and community growth, while scalability and decentralization make it ideal for speculative projects to thrive.
According CoinGecko, Solana meme coins have amassed over $16.6 billion in market capitalization, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, and Fartcoin gaining the most attention lately. All meme coins are valued at more than 108 billion dollars.
Pippin price rose 13% following the Lookonchain report and was trading at $0.26, an increase of over 4,400% from its lowest level this week.
Still, the risk is that the token could suffer a major setback. After all, most of Solana's other meme coins have done just that once the hype is over. WIF, for example, fell 67% from its highest level last year, while the price of ai16z has fallen from its highest level this week.
These declines can be explained by the Wyckoff method, which explains how asset prices rise and fall. It begins with the accumulation phase followed by margin, which is characterized by increased demand and fear of missing out or FOMO. Smart money investors begin to withdraw during the distribution phase, leading to a decline during the markdown phase.
Pippin's popularity increases
According Memecointer.comPippin was created by Yohei Nakajima, a venture capitalist whose commitment to artificial intelligence led to the design of the unicorn Pippin logo through the latest large language model benchmarks in ChatGPT 4.0.
Nakajima, followed by billionaires Jeff Bezos and Marc Andreessen, runs the venture capital firm Untapped Capital with entrepreneur Jessica Erin Jackley.
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Additionally, Nakajima is the founder of the open source project BABYAGI, further highlighting his contributions to the ai community.
