The investor’s luck came from the newly released memecoin SLOP. According to on-chain analytics platform Lookonchain, the investor purchased 38.17 million SLOP tokens for 1.76 Solana (SOL) on automated market maker (AMM) platform Raydium.
As SLOP’s value skyrocketed, the investor sold some of his tokens, netting him a profit of 2,412 SOL ($405,000), while still retaining 8.39 million SLOP tokens worth $215,000 in his wallet.
While this huge profit may seem like a fluke, it is worth noting that the trader was involved in over 150 memecoin-related trades, with a win rate of just 21.19%, according to data from the analytics channel. The profits from SLOP’s price surge helped them recover all of their previous losses.
SLOP’s rise is largely due to its unique creation. The coin was designed at the request of an artificial intelligence named Namshub, inspired by other popular memecoins like Goatseus Maximus, combined with viral art and memecoin culture.
This year, many traders have made millions of dollars from their investments in memecoins. A notable example is a trader using the on-chain alias “sundayfunday.sol,” who turned an initial investment of $72,000 into $30 million in just three days by trading a little-known cryptocurrency.
