A crypto investor recently experienced an astonishing windfall, turning a modest $3,000 investment into a jaw-dropping $9 million in just 72 hours, representing a phenomenal 3000x ROI.
This extraordinary surge was attributed to the Numogram (GNON) token, which is based on the Solana [SOL] blockchain, a low-market cap memecoin that was introduced on October 17th.
The Buzz Surrounding GNON Cryptocurrency
A recent report from the on-chain analytics firm Lookonchain highlighted the phenomenal profitability of a trader who strategically navigated the volatile memecoin landscape.
With a mere $3K, the trader acquired 56M $GNON across 3 wallets and subsequently sold a portion. Presently, the investor holds 55.18M $GNON spread across 4 wallets, valued at over $9M!
This significant event sent shockwaves through the crypto sphere, triggering apprehension and suspicions of potential irregular activities behind the scenes.
Solana: A Legitimate Blockchain or a Breeding Ground for Schemes?
The surge in SOL-based memecoins, notwithstanding their limited utility, has emerged as a conspicuous trend within the crypto realm.
These tokens, renowned for their dramatic fluctuations in value, have swiftly transformed average individuals into millionaires virtually overnight.
An illustrative case unfolded in May, where an enthusiast of the Pepe [PEPE] token managed to turn a $3,000 investment into a staggering $46 million within a span of 30 days.
Conversely, numerous investors have suffered substantial losses due to memecoin-related fraudulent activities.
For instance, malicious actors compromised Metallica’s X account to promote a deceptive Solana token named METAL, while they similarly hijacked French footballer Kylian Mbappé’s X account to endorse the memecoin MBAPPE.
Regrettably, MBAPPE experienced a rapid decline in value within an hour, resulting in severe financial setbacks, including a single investor losing more than $1 million in just one hour.
In response to the escalating number of fraudulent schemes, former NSA contractor Edward Snowden criticized SOL, branding it a hotbed for illicit activities.
Snowden contended that while Solana’s centralized nature might boost efficacy, it has also rendered the platform a fertile ground for memecoins and fraudulent ventures.
Price Fluctuations of GNON Cryptocurrency
Despite the lack of defined utility, the GNON memecoin recently witnessed a remarkable 233% surge within a single day, as per data from GeckoTerminal.
This upsurge was predominantly fueled by speculative trading following the token’s listing on the Moonshot platform, a favored avenue for retail traders seeking memecoin prospects.
Nevertheless, this rally could be short-lived, given the token’s absence of substantial development or a compelling use case to sustain prolonged growth.
At the time of reporting, GNON recorded a 36.25% drop in value over a 24-hour period, underscoring the volatile nature typical of memecoins influenced more by social media hype than underlying fundamentals.