Although the network has faced its fair share of criticism over the last week, the Solana slowdown is unable to stop one meme coin investor from turning $530,000 into $6 million. Indeed, the trader purchased 12,08 million meme coin Boden, which is inspired by the image of US President Joe Biden.
The purchase happened just two days after the meme coin launched. The initial acquisition took place for just 3,100 SOL, according to Lookonchain reports. On April 6th, one month after the purchase, the asset realized a profit of more than 20,000 SOL. So, does this show that the Solana network is still alive and thriving despite the concerns?
Also Read: Solana (SOL) Price Prediction: Mid-April 2024
Meme Coin Investor Makes Massive Profit on Solana Despite Congestion
Throughout the year, Solana has experienced tremendous highs, countered by some rather interesting lows. The network played a vital part in the meme coin frenzy that took place in March. Yet, it also saw a plethora of users complain about the status of the network. Specifically, the comments indicated that 75% of all transactions were failing.
However, that doesn’t appear to have affected the trader, who earned quite a profit through the blockchain. Indeed, the Solana slowdown didn’t keep this meme coin investor from turning $530,000 into $6 million with one brand new meme coin offering.
Also Read: Solana Sets Mid-April Network Update as SOL Faces 17% Drop
Lookonchain reported that the investor purchased the Boden coin 2 days after it initially launched. Subsequently, he sold a portion of his initial investment; offloading 9.08 million Boden to earn $4.06 million. Moreover, he currently holds 3 million of the meme coin at an unrealized profit of $2.4 million.
This development shows the clear earning potential of meme coins despite the issues with the network. Yet, these circumstances could only be all the more common, as Solana has seen developers partner to put an end to the ongoing issues.
The network is slated to issue a patch on April 15th. That should provide the necessary update to end the congestion issues that so many users are having. Indeed, the current state of the network appears to be ill-fit to handle the influx of volume. If that is addressed with the announced update, the meme coin market could flourish again for Solana.
