During the recent meme coin boom, a trader reportedly earned over $26 million in profits trading tokens on Solana. Lookonchain analysts revealed that on Nov. 11, 2023, paulo.sol noticed a price increase in Bonk (BONK) and decided to invest in the asset. By engaging in swing trading, the trader managed to make around $6.28 million from price fluctuations.

Paulo.sol’s trading journey continued as they began buying and trading Dogwifhat (WIF) on Dec. 4, 2023, followed by Jeo Boden (BODEN) in March. Both instances coincided with significant rises in meme coin prices. Overall, paulo.sol pocketed profits of $9.51 million and $7.04 million on the two coins, which were trading at higher prices. Currently, the trader holds positions in BODEN for $7.6 million and in WIF for $5.7 million.

Building on these successes, the trader expanded their portfolio by purchasing 9.3 million in Popcat, valued at $4.9 million, making them the second-largest holder of the token.

Crypto analyst Zia ul Haque commended the trader for their bold and effective maneuvers, emphasizing that the trader’s success was not just luck but the result of thorough market analysis.

Despite these impressive gains, crypto experts caution traders to exercise caution when investing in meme coins on Solana. According to on-chain analyst ZachXBT, more than 40% of projects in the Solana ecosystem ceased further development a month after the token pre-sale. In a study of 27 projects that raised over 655,000 SOL during the pre-sale, 12 were found to be associated with fraudulent activities.

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