Trader's Success: How Memcoin Generated $1.72 Million in Four Days
Date: 2024-06-03 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
An unknown trader managed to turn an initial investment of $12,300 into a staggering $1.72 million in just four days by investing in PEW memcoin. The story came to light thanks to analytics company Lookonchain, which shared details about this impressive success.
Buying and Selling PEW
According to Lookonchain's report, the trader spent 3.2 ETH (equivalent to $12,300 at the time of purchase) to acquire 27.05 billion PEW. Importantly, he did this just three minutes after trading began, allowing him to enter the market early and take advantage of the significant rise in the value of the token.
Four days later, the trader sold 8.05 billion PEW for 83.5 ETH, which is approximately $315,000. The remaining 18 billion PEW, according to analysts, is still at his disposal and is valued at $1.42 million. These funds are distributed among 15 different addresses, which indicates a thoughtful asset allocation strategy.
Doubts about Success: Possible Insider
Not everyone shares the enthusiasm for being a successful trader. One member of the cryptocurrency community expressed the opinion that the profit could have been made by an insider, given that hundreds of similar tokens are issued daily. He also noted that the trader purchased the asset on the Ethereum network, where fees are significantly higher than on other networks such as Solana.
Examples of Other Successes
This case is not the only one in the world of cryptocurrencies where traders show phenomenal results in a short period of time. Previously, there was a recorded case where an unknown investor increased his deposit 762 times in five hours, turning $861 into $650,000 by trading MOTHER memocoin on the Solana network. Stories like these show that the cryptocurrency market continues to be a platform for incredible financial success, albeit one that comes with high risks.
The PEW memcoin trader's success story highlights the volatility and opportunity in the cryptocurrency market. Despite the skepticism and risks associated with such investments, this case is a clear example of how quick and decisive action can lead to significant financial results.
