Recently, all kinds of new crypto coins have been launched on the Solana blockchain and are achieving great success. For example, there is now a new meme coin called ‘Cats in a dog world’ (MEW) that has given a Solana trader big profits.
The trader bought the meme coin for about 178 SOL, which at the time was worth $35,000. This trader received 4.4 billion MEW tokens, which became worth more than 255x in a short time. His $35,000 was worth $9 million in no time.
Will the trader sell all his MEW?
It sounds easy; you can sell the tokens at today’s value to make this $9 million. In practice, however, it is more complicated. Because the trader owns a large portion of all MEW tokens, a sale of his tokens will have major consequences for the price of the meme coin.
In addition, there will not be enough buy orders to sell all of its tokens immediately. As soon as it becomes clear in the community that this whale wants to get rid of his tokens, the price will probably drop immediately and fewer buy orders will be placed around the current price.
It is certain that the trader can make a large profit, but the extent to which the tokens can be sold at the current market value remains to be seen.
Meme coins continue to perform well
The meme coin sector has been doing extremely well in recent months, with good performances for both established names such as Dogecoin and Shiba Inu as well as new meme coins. Dogecoin even managed to climb one place within the top 10 most valuable crypto coins and now leaves Cardano behind.
In the past 7 days, the Dogecoin price managed to record an increase of 20%. Combined with the increasing number of tokens on this blockchain, DOGE’s market value has increased even further.
Dogecoin remains the most important driver in the meme coin market and can make major strides in the near future. This mainly concerns Elon Musk, who may want to use the cryptocurrency for payments on platform X or during his mission to Mars.
Which meme coin can make you a crypto millionaire?
The market is currently flooded with new meme coins and as a trader it can sometimes be difficult to find the real gems. Meme coins are a risky investment because some projects also drop completely to a price of $0. However, if you get the right one, you can also make a hit like the Solana trader described above.
Below you will find a number of contenders that can also make you a crypto millionaire when the next big rise in the market occurs.
Slothana – The next riser in the Solana meme coin sector?
Slothana is a Solana meme coin that drew its inspiration from the $SLERF token, a meme coin that stormed the market last week and within a short time managed to record a trading volume of more than $2 billion. Like $SLERF, Slothana uses a sloth as the logo for the project.
The meme coin cannot simply be purchased via an exchange or a presale, but you must send Solana to Slothana’s wallet yourself to receive the tokens once the project is actually launched. You will then be paid out for the tokens in the same wallet.
The project has now also launched a handy widget on its own website so that you can directly deposit Solana via your wallet. If you invest 1 Solana, you will receive 10,0000 $SLOTH tokens once the airdrop occurs. Investors have already invested $4.6 million.
Smog token – Established meme coin with still a lot of potential
One of the most successful meme coins in recent months is the Smog token. This is also a meme coin that was developed on the Solana blockchain. The token was launched via the project’s website and the Jupiter exchange and immediately stood out because of the large airdrop it holds.
This airdrop also ensures that the token remains in the attention of traders. Because more and more tokens will be given away in the coming period for traders who participated in the launch of the project, new trading volume will continue to be added to the market.
The current market value of the Smog token is already $137 million, but that is nothing compared to well-known meme coins such as Dogecoin, Shiba Inu and Dogwifhat.
Sponge V2 – Will Sponge reach 100 million market value again?
Finally, there is Sponge V2, the successor to the Sponge token launched last year. While the first variant was a real meme coin without any functions, with this second variant the team is trying to bring an even more stable token to the market with staking options and its own Play-to-Earn game.
Initially, holders of the original Sponge token could bridge it to the new variant, but it is now possible for any trader to invest directly in the Sponge V2 project. You do this via the project’s website, where you can purchase the token via Ethereum or USDT.
Don’t forget, #SPONGERS! 🧽💦#SpongeV2 is bringing exciting utility through our upcoming #P2E game! 🔥
Get ready to earn $SPONGE tokens by playing the game and ranking on the leaderboard.
Stay tuned for more info! 🚀#MemeCoin #Crypto #Alts #100x pic.twitter.com/5aaLxGz8N1
— $SPONGE (@spongeoneth) March 22, 2024
Once you have purchased the tokens, you can immediately lock them for staking to receive interest on your tokens. This interest rate now stands at around 169% per year.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/solana-trader-wordt-rijk-met-crypto-meme-mew-welke-meme-coin-kan-jou-crypto-miljonair-maken
