Diamond Hand Trader Pocketed Over $1.7 Million by Dealing With This Meme Coin: Here’s How
TL;DR
- A trader bought 170.2 billion PEPE coins last October and sold them on July 25 for $1.97 million, making a $1.77 million profit.
- Other meme coin traders have also seen massive gains, but investing in these volatile assets can be risky and lead to significant losses.
The Impressive Profit
Meme coins have the ability to experience a substantial price increase in a short period of time, thus benefiting savvy traders who picked the right time to enter the ecosystem. A typical example of such a token is Pepe (PEPE), whose valuation is up almost 800% on a yearly scale.
The crypto analytics platform Lookonchain revealed the case of one trader who purchased 170.2 billion PEPE coins at the end of October last year.
They kept the stash untouched for the following months before selling it for 1.97 million in USDC earlier this week (July 25). The return on investment (ROI) is impressive at 886%, while the total profit is a whopping $1.77 million.
The selling included two transactions. The trader first swapped a little over 100 billion PEPE for $1.16 million in USDC and then converted the remaining tokens for $812,000 worth of the stablecoin.
Some X users commenting below the post described the move as a wise decision. Others, though, noted that the profit would have been much more substantial had the trader cashed out two months ago.
Back then, PEPE’s price reached an all-time high of around $0.00001699, while currently, it trades at $0.00001171 (CoinGecko’s data), representing a 30% decline.
Other Meme Coin Millionaires
The aforementioned PEPE trader is one of many to see their initial investment rise above $1 million. An industry participant who bought more than 48 billion SHIB tokens in January 2021 for 2 ETH (worth only $2,700 at the time) sold the holdings for over 280 ETH in May this year, or over $1.2 million.
Another spent just $310 at the end of 2023 to accumulate approximately 2.5 million dogwifhat (WIF) coins. The trader will make a whopping profit of more than $6 million should they decide to cash out.
Despite seeming like a great investment option and a dreamy way to become rich in a short period of time, dealing with meme coins could also be quite dangerous and lead to devastating financial losses. This is based on their infamous volatility and the fact that some of them have questionable use cases and are centered on specific trends that sooner or later go away.
Those about to jump on the bandwagon should conduct proper research beforehand and invest only as much as they are ready to lose. For more vital tips, please take a look at our dedicated video below:
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