In the last two years, the crypto market has experienced high levels of volatility, which has led to significant fluctuations in the prices of cryptocurrencies. Amidst this volatile environment, a trader is said to have made huge fortunes trading shitcoins, lesser-known crypto to...
In the last two years, the crypto market has experienced high levels of volatility, which has led to significant fluctuations in the prices of cryptocurrencies. Amidst this volatile environment, a trader is said to have made huge fortunes trading shitcoins, lesser-known crypto tokens. The trader has realized a net profit of around $2 million from trading over 3,000 shitcoins in the past two years. The profits realized by this trader are highly unusual considering the current volatile environment in the crypto market.
Factors that Contributed to the Trader’s Profit
Accumulation of $PEPE Memecoin
The trader has also accumulated $PEPE meme coin, 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. Memecoins have gained popularity in recent years, with Dogecoin being one of the most well-known. However, interest in meme coins slowed down after Dogecoin’s logo was removed after briefly replacing the Twitter bird logo.
Conclusion
In conclusion, the trader’s profit from trading shitcoins is highly unusual considering the current volatile environment in the crypto market. The factors that contributed to the trader’s profit include the Spent Output Profit Ratio (SOPR), their trading strategy, and the accumulation of $PEPE meme coin. However, the impact of the trader’s profit on the overall crypto market has been minimal. As the crypto market continues to experience volatility, it is essential for traders to have a deep understanding of the market and to identify undervalued tokens.