The leading Solana memecoin, AI16Z, has gained notable traction after delivering robust profits for crypto traders. The coin surged past a $2 billion market cap recently, with its price soaring about 430% over the last 30 days. Besides, a crypto trader recorded a 1000% profit by strategically cashing out during the peak rally despite a sharp decline in its price today.
Crypto Trader Nabs 1000% Profit With AI16Z Trading
A recent Solscan report showed that a crypto trader recently sold their entire holding of 2.27 million AI16Z tokens for $4.77 million. This move helps the trader in booking an extraordinary profit of $4.47 million. The strategic sell-off, at a price of $2.1 per token, underscores the coin’s explosive growth in recent days and investor confidence.
The Solana meme coin has been a hot topic among traders, primarily due to its consistent performance and growing market demand. However, the token’s value dipped sharply today as investors rushed to book profits, echoing the volatility commonly seen with top meme coins.
However, the Solana meme coin’s remarkable rally has also stirred discussions about its potential to challenge leading players like Dogecoin. Besides, the recent whale transactions also highlight the growing confidence of the investors towards the coin. For context, a recent report showed that a crypto whale bets big on AI16Z with a $4 million purchase, signaling sustained interest in its growth potential despite current market turbulence.
What’s Next For The Solana Meme Coin?
AI16Z price today was down more than 15% with its price resting at $2.03. Its trading volume was up about 55% to $459 million, while its market cap stayed above the $2.21 billion mark. Notably, the crypto has touched a 24-hour high of $2.46, suggesting the highly volatile trading of the token.
Despite the recent decline, the Futures Open Interest for the token was up over 42%, CoinGlass data showed. This on-chain data signals a potential recovery for the crypto. While the Solana meme coin has shown its ability to generate exponential gains, its future depends on sustaining market confidence.
The token’s massive surge reflects its increasing traction among crypto traders, but the current profit-taking phase raises questions about its long-term stability. In other words, whale activity has been a significant driver of the crypto’s price movement. Having said that, investors remain curious about whether the meme coin can maintain its upward trajectory.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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