The Solana (SOL) network continues to attract the attention of crypto investors, with meme coins on the platform creating new millionaires. A fortunate investor turned a $42 investment into hundreds of thousands of dollars, with data indicating a substantial portion of the gains has been cashed out.
On-chain data provider Lookonchain identified that an investor made approximately $1.55 million from a $42 investment in a Solana-based memecoin called Silly Dragon (SILLY). The investor’s journey to millionaire status began with the purchase of 1.5 SOL for $92 on December 5th, using 0.7 SOL (worth $42) to acquire 20.5 million SILLY tokens. Within two weeks, the price of SILLY surged, turning the $42 investment into $1.5 million.
The data shows that the investor has sold over 16.4 million SILLY for 600 thousand USD Coin (USDC) while still holding approximately 4.1 million SILLY across two wallet addresses at the time of this report.
SILLY’s market entry is intriguing, inspired by a small dragon costume worn by Solana Labs co-founder Anatoly Yakovenko during Halloween. Yakovenko introduced the character, named after the upcoming ‘Year of the Silly Dragon’ in 2024, at the Solana Breakpoint conference a month prior.
Following its launch on December 5th, SILLY experienced a 900% increase in just two days, raising its market value and trading volume to over $10 million and $30 million, respectively.
Meanwhile, SOL, the native asset of the Solana network, continues to rise, following the path of meme coins like BONK and Dogwifhat (WIF) minted on its platform. SOL has seen a significant growth rate of 55% over the last 30 days. BONK and WIF have also seen massive gains since their launch, with increases of 840% and over 17,500%, respectively, creating new millionaires similar to SILLY’s success story. Recently, an investor reportedly turned a $226,000 WIF purchase into $1.4 million in just five days.