A cryptocurrency trader made headlines after turning a modest $3,000 investment into over $9 million in just three days. The substantial profit was made through trading Numogram (GNON), a low-market capitalization memecoin based on Solana. This savvy trader’s move was flagged by Lookonchain, an onchain intelligence firm, in an Oct. 20 social media post, highlighting the staggering 3,000x return.

Numogram’s 233% Surge on Moonshot Listing

GNON trader, four wallets. Source: Lookonchain

The GNON token, despite having no clear utility, saw a significant price increase of over 230% in a single day, reaching $0.1505 on Oct. 19. This spike followed its listing on the memecoin trading platform Moonshot. The platform has grown in popularity among retail traders eager to find the next big memecoin.

Social Media Hype Drives Memecoin Rallies

GNON/SOL, 4-hour chart. Source: GeckoTerminal

Like many other memecoins, GNON’s value surge was largely fueled by social media buzz and speculation, rather than tangible use cases. Analysts predict that the token’s rally may be short-lived due to the lack of fundamental developments supporting long-term price growth.

Memecoins: A Reflection of a Disillusioned Generation?

Hao Yang, head of financial products at Bybit, compared memecoins to the punk rock movement, suggesting that their popularity reflects the disillusionment of younger investors. He added that the rapid rise of memecoins, often reaching billion-dollar valuations, underscores the absurdity of the current financial system. Despite their speculative nature, memecoins continue to attract traders seeking explosive gains, often at significant risk.

As memecoins like GNON grow in popularity, traders speculate that the demand for Solana-based tokens could drive Solana’s price higher, with some predicting a rally up to $180 in the near future.