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Here’s How a Trader Earned Over $2M from TURBO Memecoin

The investor sold 695 million TURBO tokens on OKX for $2.65 million at $0.003 per token, achieving a 7.5x return and a $2.44 million profit.

ETH, MEMECOIN TRADER

The TURBO token has quickly gained attention within the crypto community, experiencing an impressive 7.5x price increase. Notably, one trader turned a $278K investment into an astounding $2.65 million during TURBO’s rapid climb.

Crypto Trader Nets $2.44M in Profit

According to Spotonchain, an AI-powered analytics platform known for its detailed on-chain data analysis, the trader started acquiring TURBO tokens on May 5, 2023. Over time, they built up a substantial position, amassing a total of 897.57 million tokens at an average cost of $0.0004 per token, reflecting a strategic and calculated investment approach.

The investor held the majority of these tokens for around 1.3 years before timing their sale perfectly. Recently, they sold 695 million TURBO tokens on OKX, securing $2.65 million for $0.003 per token. This transaction marked a 7.5x return on their initial investment, translating to a profit of $2.44 million.

Although TURBO has experienced a slight price pullback, it remains resilient, with promising growth potential. Its ties to memecoins and AI have fueled its popularity, helping it reach an all-time high of $0.00978 three months ago. TURBO’s success has also been bolstered by listings on major exchanges such as Binance, Crypto.com, and Kraken.

Whale Investor’s Strategic ETH Gains

In a separate event, the blockchain analytics platform Lookonchain reported that a seasoned whale investor made headlines by purchasing 5,000 ETH—valued at approximately $11.46 million—during a market dip. This investor has a track record of making well-timed moves. In November 2022, they acquired 5,200 ETH at an average price of $1,322. Between December 2023 and January 2024, they sold this ETH at an average price of $2,093, earning a profit exceeding $4 million.

However, not all investors have been as fortunate. Another individual spent 5,200 ETH (around $16.7 million) to acquire 11.1 million FRIEND tokens. Unfortunately, the value of these tokens has plunged, now sitting at just $0.7 million. This sharp decline resulted in a significant loss of nearly $16 million, underscoring the risks and volatility associated with the crypto market.

Jonathan Agozie

Jonathan Agozie is a prompt engineer committed to crafting clear and technically sound content on blockchain, cryptocurrency, and Web3 technologies.