TL;DR
- A trader turned a $96 meme coin investment into a paper profit exceeding $3 million.
- However, investors should pay attention when jumping on the bandwagon due to the infamous volatility of memes, which could lead to devastating losses.
What a Trade…
Meme coins are an exciting part of the cryptocurrency world and have become quite trending during the latest bull cycle. They pop out quite frequently, with some witnessing astonishing price increases in a short period of time. As such, memes have caught the eye of savvy traders who are always on the lookout for quick fortunes.
The blockchain analytics platform Lookonchain revealed the case of one such person who purchased over 600,000 TRUMP tokens in August last year. The asset (linked to presidential candidate Donald Trump) was worth less than $0.01 at the time, and the trader accumulated the stash for a mere $96.
However, the meme coin’s value exploded in the following months, benefiting those who entered the ecosystem in the early days.
Several hours ago, the aforementioned trader sold 6,000 TRUMP for approximately $30,000. They now have 594,564 tokens left, meaning they sit on a paper profit of a whopping $3.06 million.
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Author: Dimitar Dzhondzhorov
