A crypto millionaire who made a fortune trading popular Solana meme coins has bought another, despite the ongoing weakness in the market.
According to Lookonchain, the investor made $7.5 million investing in Dogwifhat (WIF), the third largest Solana (SOL) currency meme. The market capitalization of the token was $58 million, which grew to $1.5 billion.
The millionaire also earned $1.2 million investing in Peanut the Squirrel (PNUT) when it had a market capitalization of $460 million. According to CoinGecko, the token’s market capitalization has risen to more than $2.2 billion.
He has now invested in Pippin (PIPPIN), a new Solana meme coin with a capitalization of more than $262 million. He spent $1.5 million to acquire the token, and according to Nansen, he has an unrealized profit of $600,000.
Nansen data shows that Pippin’s main investors have already made millions. The most profitable investor made $8.48 million, generating a return on investment of 855%.
The other three millionaires made more than $4 million, while three others generated more than $3 million in returns.
The data on the chain shows that the millionaire WIF, PNUT and PIPPIN described above made other very profitable trades before. He made $1.12 million in Super Trump (TREMP), $176,250 in MINI, and $103 million in CHAOS. Its portfolio includes Tether, APY, Bongo, BIS and ZOA. At the time, he had $10 million in realized profits.
Solana meme coins = billions of market cap
Meme coins can actually mint millionairesbut the process is often full of significant risk, and the massive rewards typically favor insiders or traders who time the market perfectly.
This is especially the case with Solana, which remains a top choice for meme coins like Pippin due to its transaction speed, low fees and developer tools. Its ecosystem, including DeFi and NFT, supports liquidity and community growth, while scalability and decentralization make it ideal for speculative projects to thrive.
According to CoinGecko, Solana meme coins have accumulated more than $16.6 billion in market capitalization, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, and Fartcoin gaining the most attention of late. All meme coins are valued at more than $108 billion.
Pippin’s price jumped 13% after the Lookonchain report, and was trading at $0.26 – more than 4,400% from its lowest level this week.
However, the risk is that the token may suffer a major reversal. After all, most of the other Solana meme coins only made it once the hype died down. WIF, for example, has fallen by 67% from its highest level last year, while the price ai16z has fallen from its highest level this week.
These crashes can be explained by the Wyckoff methodwhich explains how asset prices rise and fall. It begins with the accumulation phase followed by the marking, which is characterized by a higher demand and the fear of missing out or FOMO. Smart money investors start exiting during the distribution phase, leading to a slump during the markdown phase.
Pippin peaks in popularity
According to Memecointer.comPippin was created by Yohei Nakajima, a venture capitalist whose engagement with artificial intelligence led to the design of the Pippin unicorn logo via the latest major language model benchmarks in ChatGPT 4.0.
Nakajima, who is followed by billionaires Jeff Bezos and Marc Andreessen, leads the venture capital firm Untapped Capital with entrepreneur Jessica Erin Jackley.
In addition, Nakajima is the founder of the open-source project BABYAGI, also highlighting his contributions to the AI ​​community.
