An interesting trading move has been spotted in which a trader converted about $42 to $1.55 million in 2 weeks trading the Solana-based memecoin SILLY.
According to the crypto analytics platform Lookonchain, the trader in question received 1.5 SOL valued at $92 earlier this month and capitalized on the growing frenzy within the Solana ecosystem to print an exponential growth of the wallet.
Starting with only 1.5 $SOL($92), this trader made $1.55M in 16 days!
1/ Let’s see how he did it.👇 pic.twitter.com/TuFpbIdnER
— Lookonchain (@lookonchain) December 21, 2023
The Smart and “SILLY” Play
The trader received the 1.5 SOL on December 5 and used 0.7 SOL to buy 20,500,000 SILLY tokens. SILLY is the native token of the Silly Dragon meme character that emerged from the Solana ecosystem.
According to the project, Silly Dragon was officially introduced by Solana co-founder Anatoly Yakovenko during the 2023 Halloween season.
The token has grown in popularity since that time and even hit an All-Time High (ATH) of $0.09237. This “SILLY” trader is one of the biggest beneficiaries of this parabolic price rally.
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The Lookonchain data shows that the trader has started selling and liquidated approximately 5 million SILLY for 202,575 USDC. Currently, the trader has about 15 million SILLY worth about $1.35 million stored in two of his wallets.
Unsure why the whale chose to reserve a larger part of SILLY holdings after the massive portfolio growth, it underscores the sentiment that the memecoin might have more bullish tricks up
The Solana Memecoin Era
That SILLY has turned this trader into a millionaire confirms a similar trend that proves the Solana memecoin era is now fully ushered in.
Ethereum (ETH) ranks as the top blockchain that hosts most of the popular memecoins before now, but the emergence of BONK earlier in the year changed this trend.
BONK has now given birth to many new meme variants, some of which have joined in driving the sales price of Solana Mobile phone to new highs on popular e-commerce marketplace eBay.
As reported earlier by The Crypto Basic, this trend hinges on the premise that memecoin farmers want a share of airdrops that might accompany the phone from BONK and other Solana-based memecoins.