• Tue. Apr 16th, 2024

SOL Briefly Overtakes BNB In Market Cap, Trades At Nearly $100

Steve Kornacki

BySteve Kornacki

Dec 22, 2023

SOL’s Recent Price Action

Solana (SOL) has gone up more than 45% since Monday, and it’s getting close to the much-anticipated $100 mark. It has overtaken Binance’s BNB to become the fourth most valuable coin by market value.

The fall of FTX had a negative effect on the price and total value locked (TVL) of the Solana ecosystem, dropping to an all-time low of $8 in December of last year. But in 2023, the digital asset has made a strong comeback and is almost at the $100 mark.

Solana briefly passed BNB earlier today but couldn’t keep the fourth spot. Also, Solana’s price on Binance hit $99.50, $0.50, away from $100. If Solana’s price goes above $100, it may stay in fourth place.

Solana Trader Turns $242 To $250K In 24 Hours

Meanwhile, an investor recently made $250,000 selling the Solana-based memecoin MELON in less than a day after investing $242 in the token. This profit represents a 103,205% return on investment (ROI).

In a recent post on X, Lookonchain, a well-known blockchain monitoring site, highlighted this notable achievement. Notably, the individual used 3 Solana (SOL) tokens to buy 38.5 million MELON tokens, which were worth $242 at the time.

However, the trade was done in two separate deals. In the first, the investor bought 21.5 million MELON for 1.5 SOL. Then, he bought 16.95 million MELON for another 1.5 SOL.

A few hours after buying the MELON tokens, the investor began selling them off in small amounts following a huge price rise. Eventually, the trader sold 22.5 million MELON for 1,562 SOL, which was worth $143,000 at the time.

Then, the trader kept 16 million MELON (valued at $107K) in two different wallets. With a total profit value of $250,000,000, his return on investment (ROI) is 103,205%. $143,000 of this amount is in realized income, and $107,000 in unrealized income.

The massive spike in the price of memecoins, particularly BONK, on the Solana network has increased its popularity.

BONK Gains 129%, Makes Investor $784K In Profits

After being listed on Coinbase, BONK’s success soared more than when it was listed on Binance, which caused its value to rise massively. At the time of this writing, BONK is up 313.4% in the last 30 days, per Coingecko data. After its listing on Binance, an investor bought 69 billion BONK at $0.0000021 and staked them from October 30 to November 29.

This investor sold 54.3 billion of these tokens for some gains and kept the remaining 14.7 billion tokens, worth about $474,000. These massive gains caused BONK’s value to rise above other well-known cryptocurrencies like Arbitrum, Stacks, Algorand, and Aave.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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