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This Trader Made a Staggering $4.36M After Memecoin $POPCAT Hit New ATH

The $4.36 million profit represents an impressive 106% return from the trader's initial investment.

Avatar image of Lucky Ebosele Lucky Ebosele•October 7, 2024
Whales

A crypto whale has made a multi-million dollar profit by holding a little-known memecoin, POPCAT ($POPCAT), for less than a month. On-chain analyst Lookonchain alerted the crypto community of the update in a tweet earlier Monday.

According to Lookonchain, the trader made $4.36 million in profit after spending $4.13 million to buy 6.11 million $POPCAT at $0.68 on September 12 and September 13.

It would seem Lookonchain has been following this whale’s wallet movements over the past few months. The on-chain analyst previously notified Crypto Twitter of the whale’s September purchases as they occurred. Around that time, Lookonchain revealed that the whale spent $1.6 million to buy 2.36 million $POPCAT at $0.68 on September 12, then sold some portions shortly after.

Also, on September 13, Lookonchain tweeted that the trader spent $4.13 million to purchase 6.11 million $POPCAT at an average price of $0.68 through two separate wallets.

A 106% Return

Fast-forward to today, the whale’s $POPCAT bag is now worth $8.49 million, representing a 106% return on the initial $4.13 million spent to purchase the meme token at an average price of $0.68. The profit came after $POPCAT witnessed a new all-time high (ATH) of $1.39. Moreover, the peak propelled the token’s market cap to a staggering $1.36 billion. According to tracker DEXScreener, the token’s liquidity surged to $2.7 million while its 24-hour trading volume reached $32 million amid the new peak.

$POPCAT is a Solana-based memecoin that describes itself as the cat that “pops” on the Solana network.

Winning History 

Meanwhile, this whale has a history of winning in this memecoin trade. Lookonchain revealed that the whale previously spent $1.84 million to buy 6.05 million $POPCAT from April 21 to April 26 and sold it for $3.31 million on September 5, making $1.47 million in the process.

According to on-chain data, the whale still holds approximately $4 million worth of $POPCAT in their wallet.

Lucky Ebosele

Lucky Ebosele is an avid writer covering cryptocurrencies and blockchain tech since 2021. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.