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.