As the Solana network continues to see massive interest from the crypto community, traders are cashing out on investments into several memecoins.
Blockchain analytics platform Lookonchain revealed in a tweet that a crypto trader was able to make approximately $1.55 million in profits from a $42 investment in Silly Dragon (SILLY), a memecoin on the Solana network.
Turning $42 to $1.55M
According to Lookonchain, the trader started with 1.5 Solana (SOL) worth $92. After they received the coins on December 5, the trader spent 0.7 SOL worth $42 to buy 20.5 million SILLY.
Two weeks later, the price of SILLY skyrocketed, and the trader began to sell their stash for profit. At the time of writing, they had already offloaded more than 16.4 million SILLY for over 600,000 USD Coin (USDC). The trader is left with about 4.1 million SILLY stored in two wallets.
SILLY has emerged as one of the new players in the memecoin space with significant returns. A little dragon on the Halloween costume of Anatoly Yakovenko, the co-founder of Solana Labs, inspired the token. Yakovenko introduced the character, named after the year of the silly dragon in 2024, during the Solana Breakpoint conference a month ago.
Within two days after its launch on December 5, SILLY surged by 900%, driving its market capitalization and trading volumes above $10 million and $30 million, respectively.
SOL Soars 55% in One Month
The crypto token follows in the steps of other Solana-based dog-themed memecoins like Bonk (BONK) and Dogwifhat (WIF), whose prices have soared by more than 840% and 17,500% since their launch.
CryptoPotato recently reported that another trader made $1.4 million from purchasing $226,000 worth of WIF about a week ago. They bought 19.86 million WIF after the tokens made their debut on the Solana network and, within five days, raked in substantial profits.
On the other hand, BONK’s surge has sped up the sales of the Solana Saga phones, which were launched in June but witnessed low interest. The memecoin was offered exclusively to users who downloaded the Bonk app through the Saga phone dApp store.
Meanwhile, SOL, the native token of Solana, has witnessed remarkable growth, surging by 55% in the past month, according to data from CoinMarketCap.
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