Originally published on: December 05, 2024
A recent creation by a Vice President of Sotheby’s auction house has taken the crypto world by storm, allowing a trader to pocket a whopping $1 million in just half an hour.
In a surprising turn of events on Dec. 4, Michael Bouhanna hinted at yet another art-themed memecoin on his X account. Shortly after, a new memecoin named Nothing (VOID) was minted by a wallet address linked to the executive.
Following the launch of the memecoin, a trader invested 35 Solana (SOL) valued at around $8,200 to acquire 462 million VOID tokens, representing 44% of the total supply. Within 30 minutes of the purchase, the same wallet sold 439 million tokens for 4,604 SOL, translating to over $1 million in profit.
Bouhanna had previously made headlines with his creation of a memecoin called Comedian (BAN), inspired by the iconic $6 million banana artwork famously acquired by Tron founder Justin Sun. However, his first venture into memecoins was met with allegations of insider trading.
While the allegations regarding insider trading were refuted by Bouhanna, questions arose regarding the involvement of his employer, Sotheby’s, in his personal endeavors. Despite the controversy, Bouhanna maintained that his memecoin projects were personal hobbies unrelated to his role at the prestigious auction house.
The executive expressed surprise at the attention his memecoins garnered and reiterated that his anonymity during the launch of BAN was intentional to prevent any association with his professional profile.
As the crypto community continues to buzz about Bouhanna’s latest success with the Solana memecoin, some have raised concerns about the ethical implications of his activities. Regardless, the trader’s ability to turn a modest investment into a million-dollar profit in just half an hour has certainly captured the attention of the industry.
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