On March 16-17, an unidentified user earned 8282.2 SOL (approximately $1.49 million at the time) from seven meme tokens. Analysts at Lookonchain highlighted this achievement.
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 initially, the trader closed six out of ten meme coins at a loss. He exercised caution, not investing more than 80 SOL (~$14,400) in a single token.
“After two weeks of trading, the trader seems to have mastered the method, starting to invest more than 500 SOL and even over 1000 SOL. In total, he traded 35 tokens, of which 25 were profitable,” analysts wrote.
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 their data, the trader achieved 96.5% of the total profit in two days.
Previously, some industry experts criticized the meme coin boom, fearing a bubble burst. CEO of CryptoQuant, Ki Young Ju, stated that such projects harm the crypto industry. He compared the situation to the ICO mania of 2018, which resulted in most investors losing their funds.
Conversely, Martje Baas, Head of Research at Messari, considered that meme tokens play an important role in attracting new users to cryptocurrencies. Former BitMEX CEO Arthur Hayes and macro investor Raoul Pal also saw benefits in these assets for the industry.
In April, a user earned $1 million in a day on the meme token EPIK. Another trader turned $9000 into $6.27 million on the APU coin.
In February, a user earned $3.3 million in three days on the PORK token.