A crypto trader managed to turn $712 into $3.95 million in less than a day trading a new Solana meme coin by the name of Unicorn Fart Dust (UFD).
The massive gains come after the new token’s price surged over the last 24 hours, netting a 5,546X return for the trader. UFD’s positive momentum continued in recent hours, with DEX Screener data showing the meme coin climbed more than 70% in just the last 6 hours.UFD Was Created To Try Show That Meme Coins Are Worthless
UFD’s creator is known for supporting investments in gold and silver. He launched the project as a joke in an attempt to show that meme coins are worthless and to make fun of the crypto market.
In an uploaded video, the creator said that the meme coin and broader crypto market has gotten “out of control,” and referenced an article that mentioned how another meme coin called Fartcoin reached a $500 million market cap to illustrate his point. To add to his argument, he said that he launched UFD to prove just how wild the crypto market is.
To his astonishment, UFD quickly gained traction, with its market cap briefly soaring to $23.5 million within hours. Investors have continued to buy into the new crypto ever since, with its total valuation standing at $170.4 million as of 2:52 a.m. EST.
UFD Surges Despite Meme Coin Bloodbath
UFD’s steep rise bucked the overall negative trend in the broader meme coin space. Following bearish interest rate remarks from the US Federal Reserve Chair Jerome Powell yesterday, the meme coin market cap plunged over 8%.
The majority of the top 10 largest meme coins suffered 24-hour losses. Among major meme coins by market cap, only Pudgy Penguins (PENGU) and Fartcoin (FARTCOIN) were able to post gains in the past day of trading.
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