Solana

In this difficult market situation, a smart trader made a profit of over $2 million by trading only meme coins. Recently, on April 23, 2024, an on-chain analytics firm, Lookonchain, made a post on X (previously Twitter) stating that a trader recently spent 300 Solana (SOL) worth $45.6K and bought Maneki (MANEKI), later selling it for 2,462 SOL, which is worth around $381K, capturing everyone’s attention. How to make a big profit in meme coins? 
Following this massive profit on meme coins, Lookonchain conducted deep research about the trader and reviewed all the trades executed in the last 5 months. They found that this trader made over $2 million by trading just meme coins.&nbsp; 
According to Lookonchain, this trader made the biggest profit in Book of Meme (BOME). The trader spent 300 SOL and bought a BOME meme token, later selling it for 6,795 SOL, resulting in a massive profit of over $1.23 million. One clearly visible trend is that this trader buys all of their traded meme coins before they get listed on any major exchanges like Binance, Coinbase, and others. 
While analyzing the overall trades, in the last 5 months, this savvy trader traded nearly 60 meme coins with a win rate of less than 33%. Despite a lower win rate, this trader traded meme tokens like BOME, SLERF, MANEKI, and others, and made a massive profit. Trading meme coins is risky, but success depends on research and luck. If you are lucky, you might create a 100x profit, but there is also a probability of losing everything. So, make sure to conduct thorough research before investing. Crypto-meme coin performance&nbsp; 
However, as of writing, the overall crypto-meme industry is struggling to gain momentum. Additionally, traders and investors are showing less interest in meme coins as the 24-hour trading volume has dropped by 12% and currently stands near $5.6 billion. 
Despite a struggling market, the world’s <a href="https://news.todayq.com/pepe-surges-by-13-will-doge-shib-follow-the-same/">4th biggest meme coin</a>, PEPE, experienced a massive upside momentum of 7%, and in the last 7 days, it saw a significant 35% upside momentum. Whereas, top meme coins DOGE, SHIB, WIF, and BONK continue to struggle.

Meme frenzy is still on, this trader hits $2 Mln profits with BOME, SLERF

Todayq News

Other articles published on Apr 23, 2024

BIG SHIB Profit: Can $500 in Shiba Inu turn into $1,000,000 After Bitcoin Halving? Find Out..

Ripple Responds to SEC’s Heavy Financial Demands in Legal Battle

Moon Keynote Teaser Drives Investors Towards BlockDAG with 20,000x ROI, Silences ETH ETF Speculat...

Lido DAO (LDO) experiences a nearly 14% price surge: How High Will the LDO Price Go in 2024?

Terra Luna Classic (LUNC): 3 Reasons Why LUNC Price Could Reach $1 After Bitcoin Halving

Exploring PlayDapp Coin: A New Era in Blockchain Gaming

Join our free newsletter for daily crypto updates!