According to Lookonchain analysts, on November 4, 2023, a trader known as paulo.sol earned approximately $6.28 million through swing trading during the rise of meme coins, followed by Jeo Boden (BODEN) in March. Both instances saw significant increases in meme coin value, resulting in paulo.sol’s profit of $9.51 million and $7.04 million, respectively.
Currently, paulo.sol holds positions in BODEN for $7.6 million and in WIF for $5.7 million. Despite these gains, paulo.sol has continued to add new coins to their collection, recently acquiring 9.3 million in Popcat valued at $4.9 million, making him the second-largest holder of the token.
Crypto analyst Zia ul Haque commended paulo.sol for his bold and effective trading strategies. He emphasized that the trader’s success is not solely based on luck, but on careful analysis of the crypto market’s movements.
However, despite the success of traders like paulo.sol, experts in the crypto industry have advised caution when investing in meme coins on Solana. A study of 27 projects that raised over 655,000 SOL during token pre-sales revealed that 12 of them were associated with fraud.