TL;DR
- Meme coins on the Solana blockchain have shown potential for high profits, with instances of substantial investment returns highlighted.
- Despite these opportunities, the inherent volatility of meme coins underscores a considerable risk of losses.
Meme coins built on the Solana blockchain have been thriving in the past several months, with the sector spewing new ones quite frequently.
Today’s best performer from that list is Book of Meme (BOME). The asset has experienced a price spike of approximately 50% on a 24-hour scale, while its market capitalization briefly exceeded $900 million. This is a serious achievement for a token that saw the light of day a week ago.
Currently, BOME is the 126th largest cryptocurrency, and at one point, it entered the top 100 clubs. This happened on March 16 when its market cap neared a whopping $1.5 billion.
The token’s impressive price appreciation has allowed savvy traders to make substantial profits. CryptoPotato reported about the case of one such investor who turned 50 SOL into 767 SOL (equivalent to over $137,000 at current rates).
BOME is not the only meme coin to have exploded by triple digits in a short period of time, thus positioning the investments of some traders well in the green.
Last year, a mysterious individual purchased over 2.5 million dogwifhat (WIF) tokens, spending just $310. The stash is currently worth almost $6 million.
Despite offering the chance to make life-changing profits, dealing with meme coins can lead to crucial losses due to the infamous volatility of the niche.
Those willing to secure themselves by avoiding some common mistakes when jumping on the bandwagon, feel free to watch our dedicated video below:
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