Trader Makes $800K in One Hour from Solana Memecoin in a Bear Market
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![Memecoin millionaire](https://coinchapter.com/wp-content/uploads/2024/08/MEMECOIN-MILLIONAIRE-concept-1024x614.webp)
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.
![Solana Memecoin CTO](https://coinchapter.com/wp-content/uploads/2024/08/image-11.png)
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.
![Solana Memecoin CTO](https://coinchapter.com/wp-content/uploads/2024/08/image-10.png)
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.
![Solana Memecoin Dogecoin](https://coinchapter.com/wp-content/uploads/2024/08/DOGE_7D_graph_coinmarketcap-2-1024x683.jpeg)
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.
![Solana Memecoin Dogecoin](https://coinchapter.com/wp-content/uploads/2024/08/image-9-1024x402.png)
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.
![](https://coinchapter.com/wp-content/uploads/2024/08/SHIB_1D_graph_coinmarketcap-1-1024x683.jpeg)
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.
![Memecoin Dogecoin](https://coinchapter.com/wp-content/uploads/2024/08/Dogecoin-DOGE-13.10.53-01-Aug-2024-638581055440839963-1024x347.png)
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.
![Solana memecoin Shiba Inu](https://coinchapter.com/wp-content/uploads/2024/08/image-8-1024x624.png)
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%.
The post Trader Makes $800K in One Hour from Solana Memecoin in a Bear Market appeared first on CoinChapter.
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