FlippingProfits turns $24K to $600K in one day

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Solana memecoin trader, FlippingProfits, just turned $24,000 to $600,000, in just one day. His wallet, G5nxE, acquired 1.2% of the total supply of newly launched memecoin, gooncoin (GOONC), with ~$24K worth in SOL. At this point, gooncoin was beginning its runup, with a market capitalization of only $2M.

This type of rapid, 25x return is characteristic of the highly speculative memecoin market on Solana. Getting in at such a low market capitalization is a high-risk move, but it positioned the trader perfectly for the subsequent rally.

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Not long after, the token soared to $50M, where FlippingProfits began to sell off his holdings 5% at a time to realize a profit of $300K. At the point of sale, his remaining holdings were worth over $313K. Since then, the value of his remaining tokens have fallen to $132.22K. This incremental selling strategy is often used by large holders to take profits without causing a significant price crash. The sharp decline in his remaining holdings perfectly illustrates the two-sided nature of memecoin volatility after a peak.

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Gooncoin launched as part of “Internet Capital Markets” meta, a narrative built around tokens on the Ben Pasternak’s Believe app, where tokens were used to represent on-chain companies or products as a proxy to bet on their success.

This "meta" provides a story for traders to latch onto. Tying a token's value to the perceived success of an app can be a powerful driver for hype, differentiating it from other memecoins that lack such a narrative.