A savvy crypto trader has turned a $3,000 investment into an eye-watering $9 million in just three days, highlighting the potential windfall of risky memecoin trading.

The trader made an astonishing 3,000-fold return on Solana-based memecoin Numogram (GNON), which launched on Oct. 17. The spectacular profit was flagged by Lookonchain, an on-chain analytics firm, which revealed that the investor used three wallets to purchase 56 million GNON tokens. A portion of the tokens was sold for massive profits, igniting interest in the volatile memecoin market.

Memecoins like GNON, despite having no real utility, have a history of creating millionaires overnight due to extreme price surges. Earlier this year, another trader turned $3,000 into $46 million by riding the wave of Pepe memecoin’s explosive rally.

GNON’s price surged 233% in one day following its listing on the Moonshot platform, a growing favorite among novice traders seeking the next big token. Despite its impressive rally, experts caution that such gains are likely unsustainable, driven primarily by social media hype and speculation rather than solid fundamentals.

Bybit’s head of financial products, Hao Yang, likened the rise of memecoins to the punk rock movement, suggesting that they reflect the disillusionment of younger generations with traditional financial systems. Yang also pointed out that the absurdity of these tokens reaching billion-dollar valuations demonstrates flaws in the current fiat system.

The recent memecoin frenzy may also have a positive impact on Solana (SOL), with some traders predicting its price could rally as high as $180 amid growing demand for memecoins.