As a seasoned crypto investor with over a decade of experience navigating the digital asset markets, I have seen my fair share of successes and failures. The recent story of the trader who turned $96 into over $3 million by investing in TRUMP tokens is nothing short of astonishing. It’s a testament to the potential profits that can be made in this space when you’re in the right place at the right time.
TL;DR
- A trader turned a $96 meme coin investment into a paper profit exceeding $3 million.
- However, investors should pay attention when jumping on the bandwagon due to the infamous volatility of memes, which could lead to devastating losses.
What a Trade…
Meme-based cryptocurrencies are a lively aspect of the digital currency market and have gained significant popularity during the recent bull run. These coins frequently emerge, some even experiencing dramatic price surges in a short span, which has attracted the attention of sharp investors seeking swift financial gains.
The blockchain analytics platform Lookonchain revealed the case of one such person who purchased over 600,000 TRUMP tokens in August last year. The asset (linked to presidential candidate Donald Trump) was worth less than $0.01 at the time, and the trader accumulated the stash for a mere $96.
Yet, in the subsequent months, the value of the meme coin skyrocketed, rewarding individuals who joined the community at its inception.
A short while ago, the trader in question sold 6,000 TRUMP for approximately $30,000. Currently, they hold 594,564 tokens remaining, which translates to a significant paper profit of roughly $3.06 million.
Many X users who commented on the post praised the trader for their successful investment, pointing out that the returns could have been even greater if they had sold their shares earlier in 2024. You might recall that TRUMP’s value was over $17 at the start of June, but it now stands around $5.25.
Other Successful Meme Coin Trades
In recent months, it’s not just TRUMP that has seen significant growth among meme coins, benefiting smart traders with profitable returns. For instance, consider Dogwhati (WIF), a standout coin built on Solana, which was crypto’s shining star at the start of 2024.
Previously this year, CryptoPotato shared an intriguing story about a trader who snapped up 2.58 million WIF tokens using just $310 in Solana (SOL) back in November 2023. If the trader chooses to sell now, their profit would be an astounding $6.7 million.
A different investor shelled out around $2,500 to acquire approximately 50 billion Shiba Inu (SHIB) tokens in the year 2021. This year in March, they took out over 80% of their entire holding and moved it into Coinbase. If they had chosen to sell, their profit would have been over $1.5 million (at that time).
Investing in meme coins during this ongoing market surge might look enticing, but remember, it comes with a high risk due to their notoriously volatile nature. So, if you do choose to join the trend, be very careful and only invest an amount that you’re prepared to potentially lose without any regret.
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2024-10-20 09:14