Crypto Trader Nets Millions in Profit from Solana-Based Memecoin

In a remarkable feat, a crypto trader profited millions of dollars in a matter of weeks by investing in Solana-based memecoin Jeo Boden (BODEN). Initially purchasing 12.08 million BODEN for $530,000, the trader strategically sold portions on April 6th and 9th, amassing a total of $4.06 million in profits. With the remaining BODEN still valued at nearly $2.38 million, the trader's total earnings from the trades and unrealized gains exceed $5.9 million, representing an 11x return on their original investment.

Crypto Trader Nets Millions in Profit from Solana-Based Memecoin

A cryptocurrency trader has amassed substantial profits, totaling millions of dollars, through strategic investments in a Solana-based memecoin known as Jeo Boden (BODEN).

According to Lookonchain, a digital asset tracking platform, the trader initially acquired 12.08 million BODEN tokens for the equivalent of $530,000 in SOL. This purchase was made within two days of BODEN's launch last month.

BODEN has emerged as a new memecoin built on the Solana blockchain. Its recent surge in popularity has drawn attention from speculators seeking quick gains.

Following the acquisition, the trader executed two subsequent sales of BODEN tokens on April 6th and 9th. These transactions involved the sale of a combined 9.08 million BODEN tokens, generating proceeds totaling 23,758 SOL, or approximately $4.06 million. This realized a profit of 20,659 SOL, equivalent to $3.53 million.

Despite these substantial sales, the trader retains a significant holding of 3 million BODEN tokens. At the current market price of $0.793, this remaining trove is valued at nearly $2.38 million.

Factoring in both the realized profits from the April sales and the unrealized gains from the remaining BODEN tokens, the trader has achieved an impressive return on investment, exceeding 11 times the initial capital outlay.

BODEN's price has experienced volatility in recent times, declining by over 6% in the past 24 hours. However, it remains significantly higher than its launch price, showing over 56% and 1,700% gains in the past week and month, respectively.

Meanwhile, SOL, the native cryptocurrency of the Solana blockchain, is currently trading at $170.18. While it has experienced a slight dip of 3% in the last day and 9% in the past week, it has managed to maintain gains of over 15% in the past month.

This news highlights the potential profitability of investing in emerging cryptocurrencies and memecoins. However, it is essential to note that these investments carry inherent risks, and investors should conduct thorough research before allocating funds.