Solana Meme Coin Pippin Gains Momentum, Investor Nets $600K

A crypto trader invested $1.5 million in Pippin, a Solana meme coin, gaining $600K in unrealized profits despite market challenges

Solana’s meme coin market cap exceeds $16.6 billion, with Pippin, Dogwifhat, and Peanut the Squirrel driving significant investor interest

The price of Pippin increased by 4,400% from the weekly low to make meme coin investment extremely profitable, though high-risk

A trader who has recently made millions investing in meme coins tied to Solana has drawn attention for his other large bet. He previously generated $7.5 million by simply buying and selling Dogwifhat, the third biggest Solana meme coin. Some of these tokens, useful among traders, increased their market capitalization from $58 million to $1.5 billion

The investor also generated $1.2m from Peanut the Squirrel, the meme coin with a max market cap of $2.2 billion. Solana meme coins introduced by him have proven to be a great bet as the Solana Meme coins are one of the fastest-growing sectors where total market capitalization tops $16.6 billion

Pippin becomes the next round of investment, here

Recently the investor invested $1.5M into Pippin, a Solana meme coin that only has a market capitalization of $262 million. From the data gathered from Nansen, he has an unrealized profit of $600,000 from his investment. Pippin’s top investors generated excellent revenues, most of which have realized eight point forty-eight million US dollars, a return of 855% on investment

Meme tokens on the Solana network are still trending in the market because of the high TPS, low fees, and strong ecosystem. Major tokens, including Bonk, Pudgy Penguins, Dogwifhat, and Fartcoin, have contributed to the sector’s growth. Analysts note that Solana’s fast transaction speeds and developer-friendly infrastructure make it a prime choice for speculative investments

Following a report by Lookonchain, Pippin’s price increased by 13%, trading at $0.26—a massive 4,400% rise from its lowest point earlier this week. Despite the excitement, the volatile nature of meme coins remains evident. Previous tokens like Dogwifhat and ai16z experienced significant price drops after the initial hype phases, as per market data

The Wyckoff Method Explains Market Trends

The price trajectory of meme coins often aligns with the Wyckoff Method. This approach outlines phases such as accumulation, markup, and eventual markdown, driven by shifting investor behavior. Experts suggest that early traders capitalize during the markup phase, while late entrants often bear losses during markdown periods

Pippin was developed by Yohei Nakajima, a venture capitalist recognized for his contributions to artificial intelligence. Nakajima’s venture capital firm, Untapped Capital, and his founding of the BABYAGI open-source project highlight his involvement in cutting-edge technologies

While meme coins like Pippin show potential for high returns, they carry significant risks. The rapid price fluctuations and dependence on market sentiment emphasize the need for caution among investors.