Memecoin spotter makes 700,000 US dollars in 15 minutes

A trader makes big profits on Solana in a very short time. He is now rich. And the memecoin: worthless.

Rich in record time: a trader makes US$700,000 profit in 15 minutes. This reports the blockchain data service Lookonchain.

Trader bought up the new memecoin Quack Solana right at launch.

He invested 500 Solana for about $67,000 and sold 15 minutes later for $780,000.

It is a so-called sniper. They use certain bots to get involved in projects as directly as possible, such as the Bonkbot.

Such spectacular cases often involve insider trading. The new coin is first pumped up and then dumped by a group. The insiders make hefty profits.

The original developers and their confidants then leave the project, and the coins usually die after that.

Sometimes the community takes over and develops it further, as with Dogwifhat.

Quack Capital is almost completely worthless two days after its launch. No more trading, no more activity on social media. A classic back pull.

Every day, about 2,000 memecoins launched on Solana. In total, the sector is worth about $45 billion, almost as much as Solana.

Memecoins have flooded the market for years, embodying the crypto industry in its most irrational form; they are literally: magical Internet money.

They often have no deeper use and even flirt with it.

Insider trading and scams are very common in new projects.