The price of Solana native cat coin, Maneki, has skyrocketed by 83% over the past week. Amid this surge, the address “4pV17t,” suspected to be associated with @wintermute_t, made a significant purchase, spending 2,000 $SOL (approximately $337,000) to buy Maneki at $0.0098 today.

We noticed that the address "4pV17t" suspected of being @wintermute_t" spent 2K $SOL($337K) to buy $MANEKI at $0.0098 today.

"4pV17t" spent 1.3K $SOL($201K) to buy $michi 8 days ago, and $michi has become a popular memecoin over the past week.https://t.co/MEohpgZEHL pic.twitter.com/0f7kcOdFcA

— Lookonchain (@lookonchain) May 18, 2024

This isn’t the first notable investment by “4pV17t.” Just eight days ago, the same address spent 1,300 $SOL (around $201,000) to acquire Michi, another memecoin that hashas gained popularity recently.

This trend continued with another trader investing 1,000 $SOL ($162,000) into Michi just 14 hours ago.

The investment in Michi has proven lucrative for some. One trader, in particular, has seen substantial profits from their memecoin trades.

This trader made 7,101 $SOL (valued at $1.19 million) from Michi, 4,578 $SOL ($769,000) from Boden, and 3,867 $SOL ($650,000) from Popcat. Despite the high returns on these specific coins, the trader’s overall success rate in the memecoin market is relatively low.

A trader spent 1K $SOL($162K) to buy $michi again 14 hours ago.

This trader made 7,101 $SOL($1.19M) on $michi, 4,578 $SOL($769K) on $boden, and 3,867 $SOL($650K) on $POPCAT.

But this trader lost money on many #MEMEcoins.

He traded a total of 20 #MEMEcoins, only 4 of which were… pic.twitter.com/nvqVNiNR9q

— Lookonchain (@lookonchain) May 17, 2024

The trader engaged in trading a total of 20 different memecoins, finding profitability in only four of them. This results in a win rate of just 20%. However, the total profit across all trades is significant, amounting to 5,394.5 $SOL, or approximately $906,000.

The memecoin market on Solana remains highly volatile, with significant gains and losses occurring rapidly. As whales continue to make large trades, the market’s movements reflect their substantial influence. 

The recent activity around Maneki, Michi, and other memecoins underscores the speculative nature of these investments.

While some traders achieve remarkable profits, the overall success rate highlights the inherent risks within the memecoin sector. Investors are advised to proceed with caution, given the unpredictable swings in this segment of the cryptocurrency market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: peshkov/123RF // Image Effects by Colorcinch

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