- A trader became a millionaire thanks to Solana-based memecoin GNON.
- Edward Snowden criticized Solana as a hub for memecoins and fraudulent schemes.
In a surprising development, a cryptocurrency trader turned a $3,000 investment into a staggering $9 million in just three days. This represents a 3,000x return on investment.
This incredible gain comes from the Numogram (GNON) token based on Solana (SOL), a small-cap memecoin launched on October 17.
Speculation around GNON crypto
On-chain analytics company Lookonchain, in an October 20 article on X, highlighted the trader’s impressive profits by drawing attention to the volatility of the memecoin market.
According to the message,
“He only spent $3,000 to buy $56 million GNON through 3 wallets and sold a small portion of it. He currently holds $55.18 million GNON across 4 wallets, worth over $9 million!
This shocking event rippled through the crypto community, raising concerns and suspicions that something unusual was going on behind the scenes.
Source: InvestingHaven/X
Solana: Real blockchain or hub of scams?
Well, the rise of SOL-based memecoins, despite their lack of inherent utility, has been a notable trend.
These tokens, known for their wild price swings, turned ordinary investors into millionaires almost overnight.
A striking example occurred in May when a Pepe (PEPE) token trader managed to turn a $3,000 investment into a staggering $46 million in one month.
However, on the other hand, many investors have suffered significant losses due to memecoin scams.
For example, Metallica’s X account was compromised. Hackers used it to promote a fraudulent Solana token called METAL.
Similarly, hackers hijacked the X account of French football star Kylian Mbappé to promote memecoin. MBAPPÉ.
Unfortunately, MBAPPE’s value plummeted within an hour, leading to devastating losses. In fact, one investor lost over $1 million in just 60 minutes.
In response to the growing number of scams, a former NSA consultant and whistleblower Edward Snowden criticized SOL, calling it a hot spot for fraudulent schemes.
Snowden argued that while Solana’s centralization may improve efficiency, it has also turned the platform into a breeding ground for memecoins and scams.
GNON Crypto Price Trends
Yet despite its obvious usefulness, the GNON memecoin recently surged 233% in a single day, according to data from GeckoTerminal.
Speculative trading largely fueled this rise after the token was listed on the Moonshot platform, a popular destination for retail traders looking for memecoin opportunities.
However, this rally may prove short-lived, as the token lacks substantial development or use cases to support sustainable growth.
At press time, GNON fell 36.25% in 24 hours, highlighting memecoins’ typical volatility driven by social media hype rather than fundamental factors.
