With the Bitcoin halving event around the corner, the expected surges have begun, as the cumulative market cap of the crypto market has surged past $1.64 trillion with a 0.33% surge over the last 24 hours.
Amid the surges in the market, one brilliant Solana (SOL) trader has shocked the crypto community by turning an investment in Solana worth $92 into a staggering $1.55 million in 16 days.
Read Also: Solana Co-founder Yakovenko Warns Against “ETH Killer” Narrative
Lookonchain (@lookonchain), a blockchain analytics platform on X, shared the news and the trader’s process. The trader began with 1.5 SOL on December 5 and created remarkable gains in a short period, showing the power of the crypto market to make millionaires.
Many traders have missed massive profits, like one who missed out on $40 million from SHIB. Luckily, this trader made the right moves and earned his rewards. The trader began by purchasing 20.5 million Silly Dragon (SILLY) tokens.
As SILLY skyrocketed 900% not long after, the trader cashed out 5 million tokens for $202,575. But that wasn’t all. He had 15 million SILLY ($1.35 million) left in his wallet, giving him a total profit of $1.55 million, according to Lookonchain.
Starting with only 1.5 $SOL($92), this trader made $1.55M in 16 days!
1/ Let's see how he did it.👇 pic.twitter.com/TuFpbIdnER
— Lookonchain (@lookonchain) December 21, 2023
SILLY’s Meteoric Rise
Launched on December 5, SILLY’s meteoric rise mirrored the trader’s fortune. This meme coin’s market cap jumped from zero to $10 million in just weeks, with $30 million in trading volume during its peak on Swap and Jupiter exchanges.
SILLY is currently trading at $0.08413, with a 33.99% increase over the last 24 hours. This new meme coin has joined the illustrious list of meme coins to make new millionaires in the crypto market.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Solana (SOL) Projected To Capture 20% Of Ethereum Market Cap To Hit $453. Here’s when
Solana’s Climb
However, Solana has refused to be left out of the conversation. Although its surge is not as much as SILLY’s, SOL has surged 11.19% in the past 24 hours to its current price of $88.83. This price marks the first time SOL has crossed $82 since May 2022, and the surge sent SOL past XRP in the market cap rankings. Solana is currently ranked #5 in the crypto market, and $100 could be within reach for the digital asset.
The community’s excitement at this development can be seen in SOL’s trading volume, which has jumped 52.41% in 24 hours to $4.36 billion.
Solana’s rapid network activity and burgeoning SPL token ecosystem have also raised questions about Ethereum’s dominance. Solana’s low-cost, high-speed transactions offered an attractive alternative, prompting analysts to ponder whether Ethereum’s reign is facing a serious challenge.
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