TL;DR

• A trader made a significant profit by buying and selling a new Telegram-related meme coin called DOGS.
• Earlier this month, though, another trader lost nearly $900,000 on a Trump-themed meme coin, highlighting the high-risk nature of the sector.

The Substantial Profit

The ever-evolving meme coin sector has been one of the highlights of the crypto industry in the past several months, spewing new tokens quite frequently.

One of the latest is Dogs (DOGS), an asset associated with the Telegram community, which saw the light of day approximately a week ago. Initially, the meme coin was available for trading on certain decentralized exchanges, while leading platforms like Binance, ByBit, and OKX added it shortly after. 

The enhanced volatility of meme coins (especially during their first days of trading) sometimes results in significant profits for savvy traders who pick the right moment to jump on the bandwagon. The crypto analytics platform Lookonchain revealed the case of one entity that made a profit of over 400% by dealing with DOGS.

The trader spent $18,400 worth of TON to purchase 55.9 million DOGS tokens following numerous transactions on August 26. Shortly after, they sold 20 million coins for 6,140 TON (approximately $34,600) and deposited the remaining stash (equaling around $61,000) to a centralized exchange. If they sold all DOGS tokens upon depositing, their total profit would be more than $77,000.

Som