Originally published on: December 05, 2024
A vice president of the renowned Sotheby’s auction house has once again dipped into the world of memecoins, this time creating a second Solana-based token that has allowed a trader to turn $8,200 into a staggering $1 million in just half an hour.
On December 4, Michael Bouhanna unveiled his latest venture, an art-themed memecoin named Nothing (VOID), which quickly caught the attention of traders in the crypto community. Within minutes of its launch, a trader invested 35 Solana (SOL) tokens to purchase 462 million VOID tokens, representing a significant portion of the total coin supply.
In a surprising turn of events, the trader decided to cash out just half an hour later, selling 439 million VOID tokens for 4,604 SOL, resulting in a profit of over $1 million. This impressive feat is just the latest success story related to Bouhanna’s memecoin endeavors.
Bouhanna had previously launched a memecoin called Comedian (BAN), inspired by the infamous $6-million banana artwork. The success of Comedian led to allegations of insider trading, as blockchain analytics firm Lookonchain claimed that Bouhanna had profited from purchasing memecoins before launching his own token.
Despite these allegations, Bouhanna denied any wrongdoing, stating that his memecoin projects were personal hobbies and unrelated to his professional role at Sotheby’s. He emphasized that there was no connection between his memecoins and the auction house, clarifying that his intention was to remain anonymous to avoid any association with his professional identity.
While Bouhanna’s memecoin ventures have sparked controversy within the crypto community, there is no denying the allure of turning a modest investment into a substantial profit in a matter of minutes. With the popularity of memecoins on the rise, it will be interesting to see what other ventures Bouhanna and others in the space will explore in the future.
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