Crypto Trader Makes $2.4 Million on 12 Meme Coins: Here’s More

08 Jun, 2024 Updated 18 Sep, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.

A crypto trader has made quite a fortune on meme coins after the decline and rebound of the wider market. Crypto millionaires have popped up in previous bull markets with many rallying around meme coins. The recent market correction saw a decline in crypto assets while traders turned to meme coins to make up for lost ground.

This led to traders recording huge gains off his meme coin investment sparking a frenzy around cryptocurrency communities on social media.

Lucky Crypto Trader Goes Home Big

According to the digital asset analytics platform lookonchain, a lucky crypto trader made a staggering $2.4 million profit from 12 meme coins. On June 7, he created a new wallet trading 12 tokens in total with a win rate of 83%. Assets bought include RNT, TOPG, and TATESOL among others.

“What a lucky trader! 19 hours ago he created a new wallet to trade #MEMEcoin! He traded 12 MEMEcoins, with a win rate of 83%, and a profit of more than $2.5M! He was very lucky to buy $RNT and has a 957x profit! He spent 15.8 $SOL($2,558) to buy 36.77M $RNT, and sold 606K $RNT for 165 $SOL($26.8K), leaving 36.17M $RNT($2.4M), with a total profit of more than $2.4M!.”

This trend has become more notable with the meme coin frenzy popularized by Solana based assets. Last month, a trader made $657,000 from a $800 buy in a few hours. The crypto trader profited from the over-the-top gains of the asset, MOTHER.

Wider Meme Coin Gains

Generally, meme coins plummeted with top crypto assets following market corrections. The market cap stands at $62.2 billion, an 8% decline in the past 24 hours with trading volumes falling slightly above $9 billion. Lead assets like Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE posted losses of 8%, 7.5%, and 9.6% while new tokens saw slight inflows.

However, some assets recorded 100X gains with bulls accumulating tokens. Roost and Tate Stop saw 139% and 130% inflows.

Also Read: How High Can BRETT Go As The Price Is Booming?

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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TAGS
Dogecoin (DOGE)

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.