Crypto trader earns $9M from $3K in 3 days with Solana token

A cryptocurrency trader turned a $3,000 investment into over $9 million in just three days through a price surge in the Solana-based Numogram (CRYPTO:GNON) token.

The trader’s remarkable gain came after purchasing 56 million GNON tokens across three wallets, according to on-chain intelligence firm Lookonchain.

Lookonchain highlighted the trade in an October 20 X post, stating, "This guy turned $3K into $9M in just 3 days, a 3,000x return! He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part."

The memecoin, launched on October 17, saw a 233% price rise on October 19 following its listing on the Moonshot trading platform.

GNON's price reached $0.1505 by October 20, according to GeckoTerminal data.

Despite the increase, experts suggest that the price rise could be short-lived, as GNON lacks fundamental utility, and the rally is driven by social media attention and speculation.

Memecoins, such as GNON, have historically been characterised by volatility, with their prices often subject to shifts in sentiment rather than intrinsic value.

Hao Yang, head of financial products at Bybit exchange, commented on the broader trend of memecoins, stating, "The success of memecoins can be seen, like punk rock, as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear."

Yang further noted that the rise of these tokens, which sometimes reach billion-dollar valuations, highlights the current state of the financial system, adding, "By printing tokens out of thin air and pumping them to billion-dollar valuations, these creators are showing the absurdity of our current fiat system."

As with many memecoins, GNON's future performance remains uncertain, with its price primarily driven by speculation rather than long-term developments.

At the time of writing, the Numogram (GNON) price was $0.1408.