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A man made a 3,000x return on a memecoin investment in just three days, turning $3,000 into $9 million. The coin, called Numogram (GNON), is based on Solana and despite being a digital joke, its value shot up by over 233% against Solana on Oct. 19. The price surge followed its listing on Moonshot, a platform for trading memecoins. Analysts say the rise in memecoin popularity suggests disillusionment with traditional money systems, and may result in a Solana price increase. However, they remind investors of the potential risks.

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Check this out – a smart dude who trades digital coins made a whopping $9 million from his original altcoin purchase. Shows you how mad the world of memecoin trading can be.

This guy got a crazy 3,000x return on an investment he made in a lesser-known memecoin called Numogram (GNON), which is based on Solana, in just 3 days. He originally invested $3,000 and ended up with $9 million. This was highlighted in a post by Lookonchain, a firm that tracks this kinda thing.

Despite these memecoins basically being just digital jokes, a lot of people are making serious money from them because their prices can go through the roof really quick. Another guy back in May turned $3,000 into $46 million in a month doing a similar thing with the PEPE memecoin.

GNON is a particularly weird coin with no obvious use, but despite this, it still managed to shoot up in price by over 200% in one day. Its value rose over 233% against Solana (SOL) on Oct. 19 and has climbed over 10% in the last day alone.

This price boost came after it was listed on Moonshot, a popular platform for trading memecoins, especially among new, retail traders. There’s isn’t any solid reason to believe this price jump is going to last because there aren’t really any factors that could support continued growth. Its rise in price is purely down to hype and speculation on social media.

The recent boom in memecoins seems to be driven by a sense of disillusionment among the younger generations, much like how Punk music became popular after initial rejection. According to Hao Yang of Bybit exchange, these digital joke currencies created out of nothing that reach billion-dollar valuations are making a mockery of traditional money systems.

Despite the uncertainty, some traders are predicting that the recent interest in Solana-based memecoins could boost the SOL price, potentially up to $180. But remember, just like everything else in the world of investing, there’s a chance you might lose money, so do your own research before making a decision.

Source: Cointelegraph