Coin Edition -
- A crypto trader made over $77K from trading meme coins on Solana.
- The trader acquired 27 meme tokens, 21 of which he sold for profit, with a 78% win rate.
- Interests in meme coins have relaxed since the start of 2024, with leading tokens trending in the bearish zone.
A crypto trader has netted over $77K in profit trading meme coins on layer-1 blockchain Solana in the past 11 days, cryptocurrency data tracker LookOnChain reported. The profit gains come amidst a tremendous rise in cryptocurrency investors’ interest in meme coins that started late last year.
In the post shared on the social media platform X (formerly Twitter), LookOnChain noted the crypto investor traded 27 Solana meme tokens in the past 11 days. Out of the 27, the trader realized gains on 21 of the tokens. According to that report, the trader netted around $77.7K from the trades with a win rate of 78%.
Meanwhile, interest in meme coins appears to have relaxed since the start of the new year. As noted in an earlier report, meme tokens like Solana-based BONK, which saw a tremendous rise, are now trending in the negative zone.
Data from CoinMarketCap shows BONK has been on a steady decline since the close of last year. At present, the meme token is exchanging hands at $0.00001364 following a 7.37% drop in the past 24 hours. In addition, BONK has a market cap of around $834 million to sit as the third-largest meme coin network.
Elsewhere, the leading meme coin token, Dogecoin (DOGE), has seen muted price movements in the past seven days. In that period, the token declined by 0.07%. Nonetheless, DOGE’s $13 billion market capitalization continues to dwarf the rest of the segment.
The second-ranked meme token by market cap, Shiba Inu (SHIB), has also struggled to sustain an upward price movement. While the token is up marginally in the past seven days, it has declined by 2.61% in the past 24 hours.
The post Trader Nets $77K Profit in 11 Days Trading Meme Coins: Here Is How appeared first on Coin Edition.