Here’s How Memecoin Trader Turned $296 Into $620K in 4 Hours

Blockchain analytics platform Lookonchain recently highlighted the profits of a smart trader who turned a modest investment of $296 into a staggering value of $650,000 in just four hours.

The trader achieved a 2,090x return on investment.

Trader Offsets Earlier Losses

The trader entered the market by acquiring 38.17 million SLOP tokens with 1.76 SOL ($296) through Raydium, an automated market maker (AMM) platform. Following a rapid price surge in SLOP tokens, the investor sold 29.78 million for 2,412 SOL, netting $405,000. The trader still holds 8.39 million SLOP tokens, valued at an additional $215,000.

This #MEMEcoin hunter turned $296 into $620K in just 4 hours, a 2,090x return!

He spent 1.76 $SOL($296) to buy 38.17M $slop and sold 29.78M $slop for 2,412 $SOL($405K), leaving 8.39M $slop($215K).

This trader traded over 150 #MEMEcoins with a win rate of only 21.19%, but the… pic.twitter.com/PjzGtl6zhQ

— Lookonchain (@lookonchain) October 21, 2024

Despite this profit, the trader has a history of trading over 150 meme coins, with a win rate of 21.19%. According to the blockchain firm, the recent gains from SLOP have offset the trader’s earlier losses.

What is SLOP?

SLOP has attracted interest due to its unique origins. The token was created by Namshub, an AI agent developed by Fabian Stelzer using Glif’s new bot layer. After analyzing memecoins like Goatseus Maximus (GOAT), associated with another AI chatbot called Truth Terminal, Namshub conceptualized SLOP.

all I’m saying is that glif has no official token

slop was the idea of a bot (namshub) I’ve been testing on glif’s new bot layer (you’ll be able to create your own)

namshub is kinda insane and mostly interested in “Babylonian star shit” and memecoins as sigils, it got sorta… https://t.co/WRJYp6MgJj pic.twitter.com/pgftYNBI33

— fabian (@fabianstelzer) October 21, 2024

Namshub’s fascination with memecoins and viral art as modern sigils led to the creation of art, including a “Singularity Pepe.” Despite the buzz, Stelzer has warned that SLOP has no clear roadmap, though he confirmed that he holds some of the tokens.

Crypto market analyst Leo remarked that SLOP’s emphasis on AI-generated meme content could offer it a competitive advantage by blending viral appeal with creative expression.

At the time of reporting, SLOP was trading at $0.020, with a market cap exceeding $20.8 million.

Trader Achieves a 7,140x ROI

In a similar development, another trader turned an initial investment of $1,331 into a paper profit of over $9.5 million within 16 days, achieving a 7,140x return on investment (ROI).

According to CoinTab, the trader bought 38.7 million MOODENG tokens on September 10, spending 9.8 SOL, equivalent to $1,331. Shortly after, he made his first sale, offloading 104,000 MOODENG for 112 SOL ($17,900). Despite this, he still retains 38.64 million MOODENG tokens, valued at over $9.5 million.