One trader is seeing million dollar profits on a Solana (SOL)-based memecoin in just months, according to on-chain data.
Blockchain tracking firm Lookonchain says that one investor in TROLL is looking at a gain of more than 130,000% after the memecoin inspired by the internet trolling culture had an explosive rally over the last month.
“From $2,900 to $3.78 million in just 3.5 months – a 1,300x return!
Trader ‘frostx.sol’ spent $2,900 to buy 20.91 million TROLL three months ago, sold 2.55 million for $50,700 and still holds 18.36 million TROLL ($3.73 million). With TROLL’s recent surge, his position has flipped nearly 1,300x, with a profit of $3.78 million.”
TROLL hit an all-time high on Wednesday at $0.2018, an increase of more than 423% from its seven-day low of $0.0403. TROLL has since retraced from its ATH and is trading for $0.1669 at time of writing, up 15.2% on the day.
With a market cap of $175 million, TROLL is the 344th largest crypto project.
Meanwhile, Solana, which has gained network activity from the memecoin craze, may be losing investor interest, according to crypto analytics platform Glassnode.
Glassnode says that one key metric suggests that Ethereum (ETH) may be suddenly attracting more investors at the expense of Solana. The firm uses the Hot Realized Cap metric, which measures the capital held by accounts that have been active in the last seven days, to track the capital inflow of new investors.
“The SOL/ETH hot capital ratio is in a clear downtrend, now at its YTD low of 0.045. ETH saw record short-term inflows on July 29th, while SOL hit a local peak – but both are now decelerating. The cooldown is sharper for SOL, signaling a fading but notable ETH-led rotation.”
ETH is trading for $3,649 at time of writing, up 1.7% in the last 24 hours. Meanwhile, SOL is trading for $167 at time of writing, up 2.6% on the day.
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Generated Image: Midjourney