Solana memecoin craze spreads, one trader turns $72,000 into $30.2 million

The frenzy surrounding the Solana memecoin helped one trader turn $72,000 into $30.2 million after buying the newly launched $BOME memecoin.

After Binance announced its listing, Book of Meme ($BOME) rose rapidly, with its market value increasing by nearly $1 billion within two days of trading.

A trader named Sundayfunday.sol invested 420.69 SOL worth $72,000 into BOME. Within three days, its value swelled to more than $32 million.

The trader took profits before the meme coin plummeted. As of 06:25 EST, BOME has lost 50% in the past two days and is trading at $0.0137.

Another trader made $3.02 million in 12 minutes after buying the Solana-based SLERF meme token due to developer negligence.

The trader spent $1.98 million worth of SOL to buy the meme coin. Just 12 minutes later, he sold his reserve for $5 million, making a huge profit.

His transaction comes against the backdrop of SLERF’s developers accidentally burning nearly all of its token supply and losing $10 million. The burned tokens were meant for pre-sale participants.

Ethereum educator Anthony Sassano is warning people not to invest in new meme coins amid the current frenzy. According to him, the current trend of “bidding Ponzi schemes” is similar to what is happening in 2022.

Despite the unexpected event, the price of SLERF has risen by more than 50% in the past 24 hours and is trading at $1.17.

Reference link: [https://www.coindesk.com/markets/2024/03/18/meme-coin-traders-make-millions-on-solana-slerf/](https://www.coindesk.com/markets/2024/03/18/meme-coin-traders-make-millions-on-solana-slerf/)