Simply put
- One trader transformed a $332 investment into approximately $190,000 with a token called Gooncoin.
- This token was launched via a revamped Believe app through its “launch coin” feature.
- Currently, Gooncoin boasts a market cap of $54.6 million, reflecting an astronomical increase of 70,000% in just 24 hours.
Recently, a trader, operating within the Solana ecosystem, has been engaged in trading the newly released Gooncoin, starting with a modest $332, which is under two sols.
The Gooncoin was launched late Monday through the Believe App’s “launch coin” mechanism, enabling users on X (formerly known as Twitter) to create Solana tokens in posts that tag their launch accounts. Following its introduction, the token experienced an impressive surge of 70,000%, reaching a market cap of $54.6 million.
Traders with Solana addresses beginning with “BDJSZ” quickly jumped in, acquiring more than 8 million Gooncoins for only 1.97 sols (around $332). Over the next day, the trader began to sell off parts of this stack, securing profits that ranged from $1,600 to $3,500, culminating in nearly $190,000.
The term “meme coin,” as reflected in discussions, alludes to a slang reference associated with an internet phenomenon. Some users speculate that Gooncoin represents a trend akin to other eccentric meme coins like Fartcoin.
One trader remarked, “Fartcoin is for Tradfi Bros. Gooncoin is for Zoomers,” while engaging in conversations about the coins they had purchased during their university years.
Data from Dex Screener indicates that the rapid appreciation of these tokens has led to significant financial gains and losses alike.
In addition to the “bdjsz” address, three other wallets made purchases under $500, with Gooncoin’s profits realized at over $50,000, while unrealized profits exceed $100,000.
Gooncoin is among the latest offerings from trusted applications. Other recent tokens, such as the Snake Game Token Noodle, ballooned to a market cap exceeding $19 million within its first 14 hours of trading.
The Believe app, recently rebranded from Clout.me, aims to disrupt traditional venture capital by helping founders raise funds for their projects through community involvement. It’s available on iOS.
The rise in meme coins has been notable, with coins like Coindog Coin showing impressive weekly gains of 41%.
Several significant Solana meme coins, which gained notable attention previously, are now experiencing another surge, with Dogwifhat (WIF) increasing by 117%, peanuts up by 189%, and Moo Deng (Moodeng) skyrocketing by 762%.
Edited by James Rubin
