A crypto millionaire who has made a fortune trading popular Solana meme coins has bought another one despite the ongoing weakness in the market.
According to Lookonchain, the investor made $7.5 million investing in Dogwifhat (WIF), the third-biggest Solana (SOL) meme coin. The token’s market cap was $58 million, which has grown to $1.5 billion.
The millionaire also made $1.2 million by investing in Peanut the Squirrel (PNUT) when it had a market cap of $460 million. According to CoinGecko, the token’s market cap peaked at over $2.2 billion.
He has now invested in Pippin (PIPPIN), a new Solana meme coin with a market cap of over $262 million. He spent $1.5 million to acquire the token, and according to Nansen, he has an unrealized profit of $600,000.
Nansen data shows that the top Pippin investors have already made millions. The most profitable investor has made $8.48 million, generating a return on investment of 855%.
The other three millionaires have made over $4 million, while three more have generated over $3 million in returns.
On-chain data shows that the WIF, PNUT, and PIPPIN millionaire described above has made other highly profitable trades before. He made $1.12 million in Super Trump (TREMP), $176,250 in MINI, and $103 million in CHAOS. His portfolio comprises Tether, APY, Bongo, BIS, and ZOA. Over time, he has had $10 million in realized profits.
Solana meme coins = billions in market cap
Meme coins can indeed mint millionaires, but the process is often fraught with significant risk, and the massive rewards typically favor insiders or traders who time the market perfectly.
That’s especially the case with Solana, which remains a top choice for meme coins like Pippin due to its transaction speed, low fees, and developer tools. Its ecosystem, including DeFi and NFTs, supports liquidity and community growth, while scalability and decentralization make it ideal for speculative projects to thrive.
According to CoinGecko, Solana meme coins have accumulated over $16.6 billion in market cap, with Bonk, Pudgy Penguins, Dogwifhat, ai16z, and Fartcoin gainiing the most attention as of late. All meme coins are valued at over $108 billion.
Pippin’s price jumped by 13% after the Lookonchain report, and was trading at $0.26 — up by over 4,400% from its lowest level this week.
Still, the risk is that the token may suffer a major reversal. After all, most other Solana meme coins have done just that once the hype ends. WIF, for example, dropped by 67% from its highest level last year, while the ai16z price has fallen from its highest level this week.
These crashes can be explained by the Wyckoff Method, which explains how asset prices rise and fall. It starts with the accumulation phase followed by the markup, which is characterized by higher demand and fear of missing out or FOMO. Smart money investors start to exit during the distribution phase, leading to a slump during the markdown phase.
Pippin popularity spikes
According to Memecointer.com, Pippin was created by Yohei Nakajima, a venture capitalist whose engagement with artificial intelligence led to the design of the Pippin unicorn logo via the latest large language model benchmarks on ChatGPT 4.0.
Nakajima, who is followed by billionaires Jeff Bezos and Marc Andreessen, leads the venture capital firm Untapped Capital with entrepreneur Jessica Erin Jackley.
Additionally, Nakajima is the founder of the BABYAGI open-source project, further highlighting his contributions to the AI community.
