Solana Memecoin Trader, DxjmH, Turns $63K into $2.5M

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Solana memecoin trader, DxjmH, bought 16,698,413 tokens of the AI-themed memecoin, Large Language Model (LLM), or $63,000 worth, just three hours after its launch. Just 21 hours later, his holdings were up 41x to a high of $2.59M.

This type of rapid gain exemplifies the high-risk, high-reward nature of the memecoin market. The trader's ability to identify and invest in the token just hours after its launch was a critical factor in achieving such a significant return, a move that carries immense risk but offers exponential upside.

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The majority of these tokens were later sold off on 10th January for WSOL, after the tokens were transferred to another address, 9Rv4j.

Realizing profits is a key part of successful trading, especially in volatile assets where gains can disappear as quickly as they arrive. The use of WSOL (Wrapped Solana) is standard practice, as it is a primary token for trading against other tokens within the Solana decentralized exchange (DEX) ecosystem.

The LLM coin was a memecoin launched using a fattened version of Eliza, the mascot of popular AI agent framework, ai16z. The memecoin however, was not well-received by ai16z’s creator, Shaw, who took to X to criticize the token’s creators. Interestingly, he ended up promoting a copycat token, Fatcoin, which uses the same fattened image of Eliza as its token image.

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The controversy highlights a common theme where memecoins leverage existing brands or images without permission. The creator's subsequent actions, criticizing one token while promoting a near-identical one, add a layer of irony and reflect the chaotic, personality-driven dynamics of the memecoin scene.