As the crypto market anticipates the upcoming Bitcoin halving event, a remarkable surge has propelled the cumulative market cap beyond $1.64 trillion, reflecting a 0.33% increase over the last 24 hours. In this bullish momentum, a Solana (SOL) trader, known as Lookonchain (@lookonchain), has astounded the crypto community by transforming a $92 investment in Solana into an astonishing $1.55 million in just 16 days.
Read Also: Solana (SOL) Sees Meteoric Rise, Approaching Potential Crossroads as Year Ends
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 trader initiated the journey on December 5 with 1.5 SOL, showcasing the rapid wealth creation potential within the crypto market. The process, meticulously detailed by Lookonchain, unfolded as the trader strategically invested in 20.5 million Silly Dragon (SILLY) tokens. Riding the wave of SILLY’s meteoric rise, which saw a 900% surge, the trader cashed out 5 million tokens for $202,575. Remarkably, with 15 million SILLY tokens ($1.35 million) still held in the wallet, the trader achieved a total profit of $1.55 million.
SILLY, a meme coin launched on December 5, rapidly ascended from zero to a $10 million market cap within weeks, boasting $30 million in trading volume at its peak on Swap and Jupiter exchanges. Currently trading at $0.08413 with a 33.99% increase in the last 24 hours, SILLY has joined the league of meme coins creating millionaires in the crypto market.
Read Also: Terra Classic Community Navigates Controversy in Quest to Burn 800 Million USTC
Simultaneously, Solana’s native token, SOL, experienced an 11.19% surge in the past 24 hours, reaching $88.83. This marks SOL’s first breach of $82 since May 2022, propelling it past XRP in market cap rankings and securing the #5 position in the crypto market. SOL’s trading volume also soared by 52.41% in 24 hours to $4.36 billion, indicating heightened community enthusiasm.
The robust network activity and flourishing SPL token ecosystem on Solana have raised questions about Ethereum’s dominance. Solana’s appeal lies in its low-cost, high-speed transactions, prompting industry analysts to contemplate whether Ethereum’s supremacy is encountering a substantial challenge in the face of Solana’s rapid ascent. As the crypto community eagerly watches these developments, the question looms: Could Solana be on the cusp of challenging Ethereum’s reign in the crypto realm?
Follow us on Twitter, Facebook, Telegram, and Google News