The cryptocurrency space is full of rags-to-riches stories, and some even in the short term. While projects like Bitcoin (BTC) have taken many years to deliver significant gains, new assets sometimes take a fraction of the time to give similar results. Nonetheless, such projects come with a greater risk.
According to the cryptocurrency analysis firm LookOnChain, a memecoin crypto trader turned $6,758 into $4.2 million in less than four months. According to the analysis firm, the trader spent 2.13 ETH, worth about $6,758, to purchase 20.95 billion $Kendu tokens from Feb. 24 to Mar. 1, 2024. The trader has continued to hold the tokens, currently worth $4.2 million, a gain of 619X.
Also Read: Cryptocurrency Trader Turns $777k Into $9.4 Million in 8 Days
Is KENDU the next big cryptocurrency?
Kendu Inu (KENDU) is a new memecoin that has made significant gains since its launch. The asset is up 26% in the daily charts, 306.6% in the weekly charts, 370.8% in the 14-day charts, and 512% over the previous month. The project has a market cap of about $196.0 Million, which it attained in a very short time frame.
However, despite the recent surge, there is a possibility that the cryptocurrency will face a correction soon. The asset does not have a lot of utility or adoption. Investors looking to make a quick buck may sell as soon as prices hit a peak, which could lead to a crash.
Also Read: Dogwifhat (WIF) Trader Turned $5,879 Into $7 Million
Nonetheless, there is also a possibility that the memecoin will continue to climb the charts. Memecoins have done particularly well this year, with many meme projects hitting new all-time highs. Projects, such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), etc., are among the best-performing cryptocurrencies this year. Hence, KENDU could join the memecoin bandwagon and continue to reap profits.