Trader Makes $1 Million on $MICHI Memcoin

LookonChain analysts drew attention to the success story of a trader who managed to earn on $MICHI. In their microblog they shared an analysis of the steps a crypto community member took to get a million.

According to LookonChain, the trader bought the memecoin several months ago, in April. During this period, cryptocurrency trading was launched. Usually, early investors sell a brand new coin during the first surge of growth. The trader, who was noticed by LookonChain analysts, decided to hold on to the memecoins.

Here’s what the timeline of events looks like:

• Between April 8 and April 15, 2024, an unknown crypto community member purchased 8.6 $MICHI at an average rate of $0.01186 for 578 Solana (SOL), the value of which at the time of the transaction was $103,000.
• On July 4, 2024, the trader sold all coins for 1.34 million USD Coin (USDC). At the time of the transaction, $MICHI was trading at $0.1557.

Unknown Trader’s Trades

It is noteworthy that at one point the value of $MICHI under the investor’s control reached $5 million. Why the crypto community member did not take advantage of the memecoin’s growth surge to squeeze the most out of his investment is unknown.

michi ($MICHI) is a memecoin. The main character of the project is a cat that stands on its hind legs (Michi cat). The cryptocurrency was launched on the Solana blockchain. Many investors paid attention to the cryptocurrency after a meme with its hero published popular American singer Ariana Grande.

The meme cat that the michi project was named after

As of the time of writing the review, michi is traded on exchanges such as MEXC, Raydium, Meteora. In the capitalization rating of the CoinMarketCap resource the coin is located at 404th place.

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