Trader Nets Over $900K Profit in Memecoin: Here’s How

Recent updates from Lookonchain, a blockchain analytics firm, reveal a remarkable trading success with the new memecoin CTO. A trader made over $900,000 by trading the token just one hour after it launched.

Memecoin Trader Turns $8.5k to $900K

A trader made 4,721 $SOL($802.5K) on $CTO in just 1 hour, a gain of 94x! 😱@RaydiumProtocol launched a #MEMEcoin $CTO on @makenowmeme about 1 hour ago.

This trader spent 50 $SOL($8.5K) to buy 256.8M $CTO and was the 3rd address to buy $CTO.

He then sold 227.67M $CTO for 4,771… pic.twitter.com/rSKOTVknx7

— Lookonchain (@lookonchain) August 1, 2024

According to Lookonchain, the trader first invested 50 SOL (about $8,500) to buy 256.8 million CTO tokens. As CTO’s value surged, the trader sold 227.67 million CTO tokens for 4,771 SOL (around $811,000). This sale resulted in a profit of 4,721 SOL, or $802,500, which represents a 94-fold return on their investment.

This success wasn’t the trader’s only achievement. Just 11 hours earlier, the same trader made another 612 SOL, or roughly $104,000, by trading the memecoin PFI. They invested 20 SOL, worth $3,400, which increased 30 times in value.

Memecoins Turning Traders to Millionaires

In similar news, another trader achieved substantial profits by investing in memecoins Mog and PEPE. Between August 20 and December 17, 2023, this trader invested 138.4 ETH (about $262,500) to buy 7.1 trillion Mog tokens. They sold 786 billion Mog for 375 ETH (around $1.29 million) and kept 6.3 trillion tokens worth $10.2 million. This move earned them a profit of $11.22 million, which is a 4274% return on their investment.

The same trader also profited from PEPE. They withdrew 515.42 billion PEPE from KuCoin between May 15 and July 5, 2023, valued at $861,000. By March 30 and May 24, 2024, they deposited 95 billion PEPE worth $1.08 million and kept 420.42 billion PEPE worth $4.18 million. This strategy resulted in a profit of $4.4 million, a 510% gain.

These impressive profits are especially notable given the current market downturn. Over the past 24 hours, the crypto market saw over $311 million in liquidations, with $287 million from long positions and about $25 million from short positions.

Despite the market slump, these trades demonstrate that significant opportunities for profit exist in crypto trading. However, traders should remain cautious of market volatility, as rapid changes  can lead to both substantial gains and significant losses.