Solana trader turns $2K into $2.26 million with 1DOL bet

The Solana ecosystem has proven to be a profitable environment for both savvy traders and lucky speculators. In line with this trend, memecoin trader invested

A Solana trader has realized an over 993x gain on their 13 SOL token (around $2,275) investment into the newly launched memecoin 1DOL.

After purchasing a stash of 1DOL meme coins, the trader managed to sell them for a profit of $2.26 million in just eight hours.

The 13 SOL tokens were used to purchase 242 million 1DOL tokens, which were then sold for an average price of $0.0093. At the time of writing, 1DOL is trading at $0.004, down 43.2% over the past 24 hours, according to CoinMarketCap.

1DOL, which has no website and a banned X account, has attracted massive interest. The profitable trade also led to allegations of insider trading and money laundering on social platforms.

Moreover, critics pointed out the low liquidity of the trading pool, currently valued at $291,000 in SOL tokens, suggesting it would be difficult for the trader to cash out all their profits without significantly impacting the price of 1DOL.

Meanwhile, the trader’s wallet also contains over $15.8 million worth of Solana-based WIF memecoin and 894 billion BOME tokens, currently valued at $10.5 million.

According to CoinStats, over 99% of the trader’s holdings are in the WIF memecoin, which was valued at over $42 million at its peak. On April 1, the wallet’s value was over $172 million but has since decreased by over 75%, currently down $47 million over the past month.

Last week, another memecoin trader turned a $3,000 investment into $46 million by trading the Pepe memecoin.