From $3K to $9M: Examining the wild trip of Solana’s GNON crypto

A dealer became millionaire in the course of the Solana-based GNON memecoin.
Edward Snowden criticized Solana as a hub for memecoins and fraudulent schemes.

In a shocking construction, a cryptocurrency dealer became a $3,000 funding right into a staggering $9 million in simply 3 days. This marked a 3000x go back on funding.
This fantastic acquire got here from the Solana [SOL]-based Numogram (GNON) token, a low-cap memecoin that used to be introduced on seventeenth October.
Speculations surrounding GNON crypto
On-chain analytics company Lookonchain in a twentieth October submit on X highlighted the dealer’s spectacular benefit via drawing consideration to the volatility throughout the memecoin marketplace.
In line with the submit, 
“He spent best $3K to shop for 56M $GNON by means of 3 wallets and bought a small section. He these days holds 55.18M $GNON throughout 4 wallets, price greater than $9M!” 
This surprising match despatched ripples in the course of the crypto group, sparking considerations and elevating suspicions that one thing atypical used to be unfolding in the back of the scenes.
Supply: InvestingHaven/X
Solana: A real blockchain or a hub for scams?
Neatly, the surge in SOL-based memecoins, regardless of their loss of inherent software, has been a notable pattern.
Those tokens, identified for his or her wild value swings, have became odd buyers into millionaires nearly in a single day.
One placing instance took place in Might when a Pepe [PEPE] token dealer controlled to turn out to be a $3,000 funding right into a staggering $46 million inside a month. 
Alternatively, at the turn aspect, many buyers have confronted vital losses because of memecoin comparable scams.
As an example, Metallica’s X account used to be compromised. Hackers used it to advertise a fraudulent Solana token known as METAL.
In a similar way, hackers hijacked French football celebrity Kylian Mbappé’s X account to advertise the memecoin MBAPPE.
Sadly, MBAPPE’s worth plummeted inside an hour, leading to devastating losses. Actually, one investor misplaced over $1 million in simply 60 mins.
According to the expanding collection of scams, former NSA contractor and whistleblower Edward Snowden criticized SOL, labeling it a hotspot for fraudulent schemes.
Snowden argued that whilst Solana’s centralization would possibly fortify potency, it has additionally became the platform right into a breeding floor for memecoins and scams.
GNON crypto value tendencies
But, regardless of missing transparent software, the GNON memecoin not too long ago surged an astounding 233% in one day, in keeping with GeckoTerminal information.
Speculative buying and selling in large part fueled this spike after the token’s checklist at the Moonshot platform, a well-liked vacation spot for retail buyers chasing memecoin alternatives.
Alternatively, this rally would possibly end up fleeting, because the token lacks really extensive construction or a use case to enhance sustained enlargement.
As of press time, GNON dropped 36.25% in 24 hours, highlighting the volatility conventional of memecoins pushed via social media hype somewhat than basic components.

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Author: OpenAI