Recent data from Token Terminal highlights the booming activity in memecoin trading on the Solana blockchain, leading to a notable increase in fee capture. 

Over the past 7 days, Solana’s fee capture soared to an impressive $17.8 million, outpacing even Bitcoin, which recorded $17.5 million during the same period.

This surge in fee capture on Solana is indicative of the heightened trading activity and growing popularity of memecoins within the ecosystem. 

According to Token Terminal, with on-chain Memecoin trading booming, Solana fee capture reached $17.8 million in the past 7d, surpassing Bitcoin ($17.5 million). Solana daily fee capture has surpassed $3 million for three days, continuing to set new all-time highs.…

— Wu Blockchain (@WuBlockchain) March 19, 2024

Notably, Solana’s daily fee capture has consistently exceeded $3 million for three consecutive days, marking new all-time highs and underscoring the platform’s robustness amidst increasing demand.

In line with the flourishing memecoin trading, on-chain reports have unveiled the remarkable success of a savvy trader who capitalized on this trend.

Within a span of less than 3 days, the trader managed to accumulate 19,205 SOL, equivalent to approximately $3.34 million, through strategic memecoin trades.

In less than 3 days, a smart trader made 19,205 $SOL($3.34M) by trading #MEMEcoins!

He traded 4 #MEMEcoins and made money on each one!https://t.co/o4b5J6iKcX pic.twitter.com/XK5y73qVa9

— Lookonchain (@lookonchain) March 19, 2024

Notably, the trader executed successful trades across four different memecoins, reaping profits on each one and showcasing a keen understanding of market dynamics.

Additionally, another trader demonstrated extraordinary gains by turning a modest investment into substantial returns. With just 2 SOL, equivalent to a mere fraction of the potential profits, the trader generated a remarkable 704x return on investment. 

With only 2 $SOL, this trader made 1,408 $SOL ($260K), a gain of 704x!

He spent 2 $SOL to buy #memecoin 90M $SHAD and sold 85.3M $SHAD for 1,410 $SOL.

He still has 4.7M $SHAD left, worth $12K.https://t.co/xuJXjcFqRE pic.twitter.com/euinontP4K

— Lookonchain (@lookonchain) March 19, 2024

This feat was achieved by acquiring 90 million SHAD memecoins with the initial investment and subsequently selling a portion for 1,410 SOL. Despite the significant gains, the trader still retains a portion of SHAD tokens, underscoring the potential for further profits in the volatile memecoin market.

These reports shed light on the lucrative opportunities presented by memecoin trading on the Solana blockchain and highlight the success stories of traders who have capitalized on this burgeoning trend to achieve impressive financial gains.

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: alexandarilich/123RF // Image Effects by Colorcinch

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