Trader increased his investment in the MEW meme token 255 times in less than two hours

The unrealized profit from the deal was $8,9 million

26.03.2024 - 11:58

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2 min

What’s new? Lookonchain analysts have discovered a meme token transaction on the Solana (SOL) blockchain that earned the user $8,9 million on a $35 000 investment in less than two hours. For example, an unknown trader spent 178,2 SOL coins on March 26 to buy 4,41 billion cat in a dogs world (MEW) meme tokens. Two hours later, the value of these coins increased 255 times; at the time of writing, the trader had not yet recorded a profit.

Source: Twitter.com

What else is known? The MEW token launched on March 26, and the total supply is 88 888 888 888 888 coins, with 10% allocated for airdrop among the Solana ecosystem community members. The creators are contrasting the asset with meme tokens that use a Shiba Inu dog as a mascot, such as Dogecoin, Shiba Inu, dogwifhat, Floki, and BONK. All of which are among the top ten meme tokens by market capitalization. “For too long dogs have ruled the world,” the creators of MEW state on their official website.

Most of the asset transactions are done on decentralized exchanges (DEXs) Radyum and Orca on the Solana network.

Lookonchain also told about another big deal with MEW. Thus, an unknown trader spent 5490 SOL worth $1,07 million to buy 9,58 billion MEW, which is 10,8% of the total supply. As a result, the trader became the largest holder of MEW, and the meme token’s appreciation brought him an unrealized profit of $20 million.

Source: Twitter.com

Earlier, analysts described how a trader increased his investment 400 times in five hours using the FartCaster token. Another investor invested $12 000 in the PORK meme token in early February and made $3,3 million in three days.

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