- A trader turned millionaire through the Solana-based GNON memecoin.
- Edward Snowden criticized Solana as a hub for memecoins and fraudulent schemes.
As a seasoned analyst with over two decades of experience in the financial markets, I have seen numerous trends come and go. The rapid rise and fall of memecoins like GNON, built on the Solana blockchain, are indeed intriguing, to say the least.
remarkably, a crypto investor transformed a modest initial sum of $3,000 into an astounding $9 million within a mere three-day span. This incredible achievement represented a return on investment of 3000 times the original amount.
The substantial increase in value can be attributed to the GNON token, a memecoin based on the Solana platform, which made its debut on October 17th. This relatively unknown coin has been generating buzz recently.
Speculations surrounding GNON crypto
In a blog post dated 20th October, the on-chain analysis company Lookonchain underscored a trader’s substantial earnings by pointing out the volatile nature of the meme coin market.
According to the post,
“He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part. He currently holds 55.18M $GNON across 4 wallets, worth more than $9M!”
This surprising incident caused a stir within the cryptocurrency world, leading to worries and arousing suspicions about some uncommon activities happening offstage.
Solana: A genuine blockchain or a hub for scams?
It’s interesting to note that there’s been quite a rise in memecoins built on the SOL blockchain, even though they don’t have an intrinsic purpose. This phenomenon is definitely worth observing.
These specific assets, renowned for their dramatic fluctuations in value, can transform everyday investors into millionaires surprisingly quickly.
A notable instance took place in May, where an investor in the PEPE token successfully multiplied a $3,000 initial investment into an astonishing $46 million in just one month’s time.
On the other hand, while some investors might have profited from memecoins, a large number have suffered substantial losses as a result of memecoin-related frauds.
Here’s an example of how the sentence could be rephrased: Metallica’s X account got hacked and was then utilized to advertise a fake Solana token known as METAL.
Just like how hackers took control of French soccer star Kylian Mbappé’s social media platform X and used it to advertise the memecoin bearing his name, MBAPPE.
Regrettably, the worth of MBAPPE took a steep fall within merely an hour, leading to substantial financial losses. To put it another way, one investor faced a hefty loss of more than $1 million in a single hour.
Responding to the rise in fraudulent activities, Edward Snowden, a former NSA contractor and whistleblower, voiced his concerns about SOL, stating that it has become a breeding ground for deceitful schemes.
Snowden contended that although Solana’s centralization boosts efficiency, it has unintentionally created an environment conducive to the proliferation of meme-coins and fraudulent activities.
GNON crypto price trends
remarkably, even though there seems to be no obvious practical purpose, the value of the GNON memecoin skyrocketed by an astonishing 233% within just one day, as per information from GeckoTerminal.
The surge in speculative trading was primarily driven by the token’s debut on the Moonshot platform, which is often frequented by retail traders seeking out meme coin investment possibilities.
Nevertheless, this surge in value could be temporary, since the token seems to lack significant progress or a practical application that would sustain its continuous expansion.
At the moment of reporting, the value of GNON decreased by 36.25% over a 24-hour period. This decline underscores the usual price fluctuations associated with meme-based cryptocurrencies that are primarily influenced by social media buzz instead of underlying economic factors.
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2024-10-21 16:08