According to Lookonchain’s post dated May 19, the wallet of the investor with the username “sundayfunday.sol” gained more than 993x with the 13 Solana tokens he invested in the newly launched meme coin called 1DOL. The post read: “8 hours ago spent 13 SOL ($2,275) to buy 242M #1DOL tokens and now those tokens are worth $2.26 million!”

Since the Bitcoin halving, memecoins like Dogwifhat (WIF) and Pepe have come into the spotlight. Although they have no real use case, memecoins often reach valuations in the billions of dollars, making some investors millionaires.

The fact that the wallet is the largest presale participant of the Book of Memes (BOME) token also shows that this 900x+ gain is no coincidence. The investor purchased over $72,000 worth of BOME tokens in the presale, and these tokens were valued at more than $40 million at their peak.

According to Lookonchain, although the investor sold some assets in his portfolio, he is still the largest holder of BOME token:

“He sold $530 billion of BOME for SOL 38,305 ($7.66 million) and currently still holds $894 billion of BOME ($10.5 million), making him still the largest individual BOME holder.”

The 1DOL memecoin was launched on May 18 and rose to $0.018 by the next day before falling to its current level of $0.004. According to CoinMarketCap, 1DOL has lost more than 43% of its value in the last 24 hours.

Even though there is no website and account X is banned, the 1DOL token has attracted significant interest. This profitable trade raised allegations of insider use and money laundering on social platforms among cryptocurrency enthusiasts.

Others pointed out the low liquidity of the trading pool, which currently contains $291,000 in SOL tokens. This may make it impossible for the investor to cash out all of his profits without further reducing the price of 1DOL.

Memecoin Frenzi is a Sign of the Younger Generation Becoming Disillusioned with the Financial System

More than 99% of the master investor’s portfolio is in the Solana-based WIF memecoin. The wallet currently holds $15.8 million worth of WIF, which is valued at over $42 million at a record high, according to CoinStats data.

At its peak on April 1, the wallet was worth over $172 million. However, it has now lost more than 75%, or 47 million dollars, in value within a month.

Last week, another successful Pepe investor turned $3,000 into $46 million by trading memecoin. The comeback of the GameStop story sent the Pepe price soaring, and the investor gained more than 15,718x on his initial investment.

Hao Yang, head of financial products at Bybit exchange, said in an interview with Cointelegraph that the wild success of memecoins reflects a younger generation disillusioned with the current financial system:

“The success of Memecoins, like punk rock, can be seen as a symptom of disillusioned young investors who see the opportunities offered to their parents disappearing.”