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According to data shared by cryptocurrency analysis company Arkham, the Solana network is once again on the agenda as investors benefit from the upward momentum.
A trader known as Onchainclown.sol earned a staggering 330x return on their initial investment.
Two months ago, onchainclown.sol made a modest investment of $6,000. Today, their portfolio has skyrocketed to over $2 million. How was such a staggering increase achieved?
According to Arkham, the basis of the success of onchainclown.sol lies in $WIF, the trending memecoin of recent days. Cüzdan was able to increase its initial investment up to $450,000 due to $WIF being an early investor. However, since then, $WIF's market value has climbed to $1.6 billion, and such a gain may not be possible again. Although the future of Memecoins has increased recently, it remains uncertain due to their speculative nature.
As the price of $WIF rose, onchainclown.sol strategically sold some of its assets. He started by disposing of 480,000 WIFs at about 40 cents and made $166,000. But it didn't stop there. When $WIF's market cap reached $400 million, onchainclown.sol continued selling, adding another $40,000 to their profits.
Onchainclown.sol, which still had 900,000 $WIF on hand at that time, watched $WIF steadily move towards the $1 limit. Sensing the opportune moment, he sent two pieces of 200,000 $WIF to the sales wallets. Gradually, he earned another $300,000 by selling these tokens at an average price of 75 cents.
Currently the onchainclown.sol wallet holds 500,000 $WIF tokens with a current value of $825,000. But that's not all. By converting their earnings into SOL, they have already made a staggering $1.39 million. And with $825,000 worth of unrealized $WIF profits, their total profit is over $2 million.
*This is not investment advice.