Trader Makes Millions Trading Memecoins In 2 Years; Here’s How
Crypto News: At a time when volatility has been at the highest in the last two years in the entire history of the crypto market, a trader is said to have made huge fortunes trading shitcoins. Details of buying and selling price of various lesser known crypto tokens showed that this trader might have already made $2 million in profit over the last 2 years. Thanks to the crypto bill run since the beginning of 2023, the Spent Output Profit Ratio (SOPR) went up high enough to pull the overall market investors into profits after a prolonged bear run in 2022. However, profits realized by this trader are highly unusual considering the volatile environment in recent past.
Also Read: zkSync Era Surges Ahead Of Polygon’s zkEVM As It Onboards Major DeFi Protocol
The SOPR is the ratio of the realized value and the value at creation for cryptocurrencies. This essentially indicates whether the market is in profits or not at a given time by calculating price sold versus price paid. The Bitcoin SOPR is currently just under 1, above which the total BTC investors are effectively in profits. To put things into perspective, this anonymous investor gained an SOPR of 285 times and 117 times in his top two trades.
Trader Gains Huge Profit In PEPE coin
According to on chain data, the anonymous trader traded over 3,000 shitcoins in the past 2 years with a net realized profit of around $2 million. Meanwhile, the trader also accumulated $PEPE memecoin, which rose significantly in value after creation this week. The trader bought 2.52 trillion $PEPE worth $816,000 currently with 0.013 $ETH worth as little as ($25), realizing a 32,000X profit. While most traders struggle to make 10 times returns on cryptocurrency, this trader made over 10 times gains on 15 tokens, with 10 times being the lowest profit ratio.
Also Read: Crypto Influencer “BitBoy Crypto” Defies Court Order To Appear In FTX Probe
Interest in memecoins slowed down after Dogecoin’s logo was removed after briefly replacing the Twitter bird logo. Meanwhile, the Bitcoin price saw a 3% decline in the last 24 hours, down from the $29,300 range.
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
