Crypto Trader Earned $2.5 Billion on Meme Tokens: New Stage in Trading
Date: 2024-06-10 Author: Oliver Abernathy Categories: IN WORLD
The latest correction in the cryptocurrency market has lowered the prices of major assets and pushed traders to explore meme coins. One such trader stood out by making huge profits, which brought attention to this type of token.
Success Story: Details and Facts
This trader spent 15.8 SOL (approximately $2,558) to purchase 36.77 million RNT tokens. Then, by selling 606,000 RNT for 165 SOL (approximately $26,800), he keeps the remaining 36.17 million RNT, giving him a profit of approximately $2.4 million. Data from Lookonchain shows that on June 7, the trader created a new crypto wallet and began trading 12 meme coins, recording profits in 83% of cases.
The user purchased assets such as RNT, TOPG, TATESOL and others, which became more noticeable against the backdrop of increased interest in meme coins fueled by Solana-based assets.
Last month also saw success for another trader who made $657,000 by investing $800 in Mother Iggy (MOTHER) token. After the market correction, the MOTHER token showed a significant increase in price.
Looking Back at the Meme Coin Market
The total market capitalization of meme coins is $57.7 billion, and while some tokens are registering small inflows, leading assets such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are experiencing losses. However, trading meme coins without fundamentals always involves high risks.
While the success stories of individual traders in investing in meme coins are impressive, it is important to remember that there is a high level of risk and the need for caution when trading in the cryptocurrency market.
