On March 16-17, an unknown user earned 8282.2 SOL (about $1.49 million at the exchange rate at that time) on seven meme tokens. Lookonchain analysts drew attention to this.
Not an insider, this trader made $1.49M by trading #MEMEcoin in just 2 days!😱
He traded 7 #MEMEcoins on Mar 16 and Mar 17, all of which were profitable, with a total profit of 8,282.8 $SOL($1.49M)!
We scanned all his transactions, let's see how he did it.👇
In the beginning,… pic.twitter.com/MSbXZTwMH4— Lookonchain (@lookonchain) April 20, 2024
Experts noted that at the first stage, the trader closed six out of ten meme coins at a loss. He was careful not to invest more than 80 SOL (~$14,400) in one token.
Experts stated that he traded the following meme tokens:
- Solomon (profit – 421.54 SOL);
- Monkey Brother (402.8 SOL);
- non-player character (159.41 SOL);
- SNAP (697.3 SOL);
- NOSTALGIA (2956.58 SOL);
- HeHe (795.56 SOL);
- BANG (2849.58 SOL).
According to them, the trader received 96.5% of the total profit in two days.
Previously, some industry experts criticized the meme coin boom, fearing a bubble burst. CryptoQuant CEO Ki Yoon Joo said that such projects harm the crypto industry. He compared the situation to the ICO mania of 2018, as a result of which most investors lost their invested funds.
The head of Messari’s research department, Maartje Bas, on the contrary, believed that meme tokens play an important role in attracting new users to cryptocurrencies. The benefits of assets for the industry were also discussed by ex-CEO of BitMEX Arthur Hayes and macro investor Raoul Pal.
In April, a user earned $1 million in one day using the EPIK meme token. Another trader turned $9,000 into $6.27 million on the APU coin.
Source: Cryptocurrency
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