The trader earned $3 million in half an hour on the BAKED memecoin
Date: 2024-07-02 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
In the world of cryptocurrencies, there are amazing stories of lightning-fast profits. One of the latest examples was an unknown trader who managed to turn $10,000 into $3.05 million in half an hour by trading the BAKED memcoin on the Solana blockchain.
According to Lookonchain experts, the BAKED memecoin was created on the Degen Fund platform. As soon as the asset hit the market, several wallets purchased 78% of the total supply of the token, which immediately attracted attention to the new asset.
Luck or inside information?
Interestingly, the trader who made millions did not purchase memcoin directly from the Degen Fund platform. Instead, he used the Raydium pool for his trading operations. Lookonchain specialists note that there is no evidence of insider information, and most likely the trader was just lucky.
Analysts also found that this trader had experience trading other tokens before purchasing BAKED. However, he suffered losses in two of them, which makes his success with BAKED even more unexpected and indicative of the volatile cryptocurrency market.
Memcoins and their prospects
The memcoin market is showing staggering growth during the last half of 2024. Such cases of quick profits are recorded repeatedly, which attracts more and more traders to this segment of cryptocurrencies.
Many analysts believe that memcoins will continue to grow, although perhaps not at such a massive pace as they did just a few months ago. However, success stories like this continue to inspire and attract attention to the memcoin market.
The story of an unknown trader who earned $3 million in half an hour on the BAKED memecoin is yet another example of how volatility and luck can play a key role in the cryptocurrency market. Despite the lack of evidence of insider information, its success highlights the opportunities and risks associated with investing in memcoins.
