A new memecoin called $VOID, launched by Michael Bouhanna, the creator of the $BAN token, has taken the crypto community by storm.
According to Lookonchain, a blockchain analytics platform, a trader turned an $8.2K investment in $VOID into over $1 million in just 30 minutes, sparking widespread attention and speculation.
Crypto Trader Makes $1 Million in 30 Minutes on $VOID
The trader reportedly spent 35 SOL (approximately $8.2K) to acquire 462.32 million $VOID tokens, which represented 44% of the token’s total supply. Shortly after, they sold 439.88 million $VOID for 4,604 SOL (around $1.08 million), marking a staggering profit in a matter of minutes.
Michael Bouhanna, known for his work as a Sotheby’s executive, first gained attention in the crypto world with the launch of $BAN, a memecoin inspired by the $6-million banana artwork purchased by Tron founder Justin Sun.
While $BAN saw some success, it also came with controversy. Bouhanna faced allegations of insider trading, with Lookonchain claiming that he had made $1 million using an insider wallet during the $BAN launch.
Bouhanna denied these allegations, asserting that the wallet in question did not belong to him and that the alleged $1 million profit was “unrealized value.”
$VOID Token Gains Attention
Despite the controversies surrounding his earlier venture, Bouhanna returned to the memecoin scene with $VOID. The new token has quickly become a topic of interest, particularly after the massive profits.
This development highlights the speculative nature of memecoins and the potential for massive gains or losses, within minutes of trading.
The success of $VOID follows a trend of unconventional projects gaining traction in the crypto market. Memecoins, often created with humorous or niche themes, continue to attract traders looking for quick profits. However, they are also criticized for their lack of utility and potential for manipulation.
While Bouhanna’s role as a Sotheby’s executive lends an air of sophistication to his crypto endeavours, his association with both $BAN and $VOID continues to raise questions.
The rapid profits and allegations of insider activity underscore the risks inherent in speculative crypto investments, reminding traders of the importance of caution in such volatile markets.