Investor made over 1100% profit with new cryptocurrency

According to Lookonchain, a digital asset tracking company, within a few weeks a crypto trader has amassed a significant fortune trading a meme token based on Solana (SOL).

The trader has invested 3100 SOL worth $530,000 to acquire 12.08 million Jeo Boden (BODEN) tokens just two days after its launch last month. BODEN, a new meme cryptocurrency developed on the Solana blockchain, was at the center of this lucrative venture.

On April 6 and 9, the investor sold 9.08 million BODEN, receiving 23,758 SOL worth $4.06 million, thus making a staggering profit of 20,659 SOL ($3.53 million). Despite these transactions, the trader still retains 3 million BODEN, which at the current price of $0.793 is an unrealized profit of nearly $2.38 million.

The combined realized profits from the April 6th and 9th trades, along with the unrealized profits from the rest of BODEN, have yielded profits in excess of 11x the initial investment made last month.

While BODEN has seen a slight drop of around 24% in the last 5 hours, it has rallied more than 50% in the past week and a remarkable 1700% in the past month.

At the time of writing, the price of SOL is $170. Despite a recent slight decline of nearly 3%, SOL has seen a remarkable rise of over 15% in the past month, confirming its status as a leading competitor to Ethereum (ETH).