Trader Makes $800K in One Hour from Solana Memecoin in a Bear Market
NAIROBI (CoinChapter.com) – On Aug. 1, a trader pulled off an astonishing 94-fold return by trading the Solana-based memecoin, CTO. Lookonchain highlighted this incredible achievement, where the investor acquired 256.8 million CTO tokens for just 50 SOL, valued at about $8,500. In one hour, the trader managed to sell 227.67 million CTO tokens, securing a profit of approximately $800,000.
Earlier, the same trader made a 30x return on a token called PFI by investing 20 SOL, approximately $3,400, and gaining $104,000. This return illustrates the volatile yet rewarding nature of memecoin trading, particularly on platforms like Raydium Protocol and MakeNowMeme.
Shrebobo, a user on X, claimed insider wallets hold most of the CTO supply, suggesting potential dumping on new buyers.
However, the memecoin market, currently valued at $48.1 billion, has seen a 3.8% decrease in the last 24 hours. Leading memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced declines, with DOGE dropping 8.7% and SHIB falling 7.3% over the past week. Other tokens, such as Pepe (PEPE) and Dogewifhat (WIF), have suffered even greater losses of 13.5% and 25.4%, respectively.
Dogecoin Set to Skyrocket? Bull Run Predictions Emerge
As of July 2, Dogecoin (DOGE) is priced at $0.116, showing a 10.05% decline over the past week. The memecoin’s market capitalization is $16.86 billion, with a 24-hour trading volume of $805.85 million.
IntoTheBlock’s Global In/Out of the Money (GIOM) metric reveals that 71.39% of Dogecoin wallet addresses are profitable at $0.1205. This suggests that these investors might take profits, potentially increasing selling pressure.
Crypto analyst Ali Martinez, observe patterns similar to past bull runs in Dogecoin’s price consolidation. He predicts a potential upswing, noting the current market setup mirrors scenarios that led to substantial price surges.
Shiba Inu’s Hidden Bullish Signals: 354% Gains Ahead?
The dog-themed memecoin is the second-largest asset in the category, with a market capitalization of $9.09 billion. Shiba Inu (SHIB) is currently priced at $0.00001543, showing a 7.80% decline over the past week.
However, On-chain metrics for Shiba Inu suggest a possible recovery. The supply of Shiba Inu on exchanges dropped by over 5% in the past two months. This reduction in supply from June to August eases the selling pressure on SHIB, as fewer tokens remain in exchange wallets.
The Santiment’s Market Value to Realized Value (MVRV) metric indicates that SHIB is currently undervalued, with a 30-day MVRV of -8.215%.
Additionally, 67% of SHIB wallet addresses are holding unrealized losses, suggesting that these investors are less likely to sell and indicating room for price recovery.
Analysts like Javon Marks see potential gains, citing a macro Hidden Bullish Divergence with SHIB’s RSI. Marks predicts that SHIB could recover over 162% to reach $0.0000456. He also suggests that SHIB might break out further, targeting $0.000081, representing a total potential gain of over 354%.
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