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TL;DR
- A trader made over $3 million from investing in different types of meme coins.
- While some investors have achieved life-changing profits from such activities, the sector’s notorious volatility also poses significant risks of losses.
The meme coin sector continues to spew tokens that experience substantial price increases in a short period of time, thus offering investors the chance to make substantial profits. Lookonchain revealed the case of one such trader who generated over $3 million in less than three days.
The mysterious person initially invested 9,894 SOL in the newest Solana-based meme coin, Slerf (SLERF). Due to the asset’s price appreciation, the trader’s return equaled 25,001 SOL, meaning a profit of 15,107 SOL.
The investor then distributed 2,122 SOL to SNAP ($NAP), profiting 2,799 SOL. The other two meme coins they dealt with include NOSTALGIA (NOS) and NIBBA (NIBBA).
The total profit of all transactions equaled 19,205 SOL, worth approximately $3.5 million (as of the moment of writing these lines).
In less than 3 days, a smart trader made 19,205 $SOL($3.34M) by trading #MEMEcoins!
He traded 4 #MEMEcoins and made money on each one!https://t.co/o4b5J6iKcX pic.twitter.com/XK5y73qVa9
— Lookonchain (@lookonchain) March 19, 2024
This is not the first recent case where an investor made life-changing profits due to delving into the ecosystem of a certain meme coin.Â
As CryptoPotato reported, one investor made over $1.5 million during SHIB’s latest bull run, while another was sitting on a paper profit of $5.3 million after distributing funds to dogwifhat (WIF).
On the other hand, there are numerous examples of traders who have experienced devastating losses due to the infamous volatility of the asset class. Those willing to avoid some common mistakes when dealing with meme coins should watch our dedicated video below:
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