The new Solana-based MEW meme coin is the hottest topic among meme enthusiasts as it has gained enormous traction in the market. A trader’s investment of 5,490 SOL, equivalent to $1.07 million, to acquire 9.58 billion MEW, representing 10.8% of the total supply, has become the largest single purchase of this currency, placing them as the largest buyer and possessor. The trader’s unrealized profit now exceeds $20 million. But keep in mind that there is not enough liquidity to do all that. revenue.
The new Solana-based MEW meme coin is the hottest topic among meme enthusiasts as it has gained enormous traction in the market. A trader’s investment of 5,490 SOL, equivalent to $1.07 million, to acquire 9.58 billion MEW, representing 10.8% of the total supply, has become the largest single purchase of this currency, placing them as the largest buyer and possessor. The trader’s unrealized profit now exceeds $20 million. But keep in mind that there is not enough liquidity to do all that. revenue.
Additionally, this trader appears to have previously had success with another altcoin, BOME, making an approximate profit of $1.35 million. By investing 750 SOL for 94.86 million BOME and then selling 80.1 million of them for 6,550 SOL ($1.28 million), the trader’s remaining 14.76 million BOME is valued at around $214,000.
While these figures may spark excitement and dreams of wealth in the crypto community, caution is crucial when navigating the meme coin landscape. These assets, often inspired by internet memes and social media trends, are known for their extreme volatility.
In particular, Solana meme coins are notorious not only for their extreme volatility, which leads to wild price swings, but also for being entangled in schemes that, in some cases, have drained liquidity from unsuspecting investors.
Numerous altcoins appearing in similar cycles have been involved in deceptive activities, including liquidity draining and complex interactions with Solana contracts, such as freezing funds and selling premines.
Potential investors should be vigilant and do due diligence on the addresses of the implementers and associated wallets. It is not uncommon for a large portion of a meme coin’s supply to reside in such wallets, and if those holdings were suddenly liquidated, the resulting liquidation could lead to serious losses for other holders.
Therefore, as attractive as the prospect of quick profits from meme coins like MEW may be, you should approach it with a certain level of caution and avoid moves that are too risky.
