This User Converted $35k in SOL to $8.9M Within Two Hours

A trader has cashed out $8.9 million from trading a memecoin with an investment of  $35,000 worth of SOL.

The memecoin season is far from over as more investors continue to cash out big from profitable memecoins. This time, a user swapped 178.2 SOL (worth $35,000) for a new memecoin called Cat in a Dogs World (MEW). Within two hours, the investment soared by 255x to a whopping $8.9 million.

Crazy! ????

This guy turned $35K into $8.9M in less than 2 hours!

He spent 178.2 $SOL($35K) to buy 4.41B $MEW ~2 hours ago.

And the 4.41B $MEW is worth $8.9M now, with an unrealized profit of ~$8.89M and a gain of 255x!https://t.co/5X0iok8J9b pic.twitter.com/vdpwKBlOUh

— Lookonchain (@lookonchain) March 26, 2024

What is the MEW Token?

The MEW token is the native token for Cat in a Dogs World, a newly launched memecoin project on the Solana blockchain. The project’s narrative revolves around diverting the spotlight on dog-themed memecoins and facing them on their cat-themed counterparts.

According to the cartoon sketch on the project’s homepage, it seeks to dethrone prominent dog-themed memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF), Dogelon Mars (ELON), and Bonk (BONK).

Launched earlier today, the project features a white cat with pink ears and black whiskers. Its native token has also risen to a current trading price of $0.002746, representing a 47% surge since its inception. The project’s website reveals that 10% of the token’s 88,888,888,888 total supply will be airdropped to the Solana community.

With a market capitalization of $244 million, MEW ranks as the 312th largest cryptocurrency, suggesting that the token may see more increases like several prominent memecoins.

Trader Nets Nearly $9M Profit

On-chain data shows that the user swapped the SOL holdings for 4.41 billion MEW tokens. Two hours after the swap, the tokens were worth nearly $9 million. If the trader held on to the MEW tokens until press time, their portfolio would be at an unrealized profit of over $12 million.

Such a massive increase is not new within the crypto space. Over the past weeks, several investors have bought tokens that netted them massive profits in a short time.