Meme coin hunters are on the rise in the cryptocurrency market. The newly launched obscure tokens are the only way to make a quick buck, while other assets take years or decades. Investors who have mastered the meme coin price patterns have more chances of earning big than those who play safe.
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However, not every trader can make it big, as the cryptocurrency market throws surprises at every turn. One such investor cracked the meme coin code and turned a $296 investment into a whopping $620,000. The phenomenal returns were gained in just four hours, recording a 2,090-fold return on just a single transaction.
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Cryptocurrency: Trader Turns $296 Investment Into $620,000 By Trading a Meme Coin
An anonymous and mysterious cryptocurrency investor took an entry position in the meme coin SLOP. The meme coin hunter purchased 38.17 million SLOP tokens for $296 after swapping SOL to accumulate the coins. The smart investor also traded 150 other obscure meme coins with a win rate of over 21.19%.
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However, the maximum gains came from the SLOP meme coin, where the $296 investment turned $620,000 in four hours. The massive gain also allowed the investor to recover all previous losses as the P&L remained green. The development indicates that the cryptocurrency market can do the unthinkable if investors press all the right buttons.
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Leading cryptocurrency on-chain metrics firm Lookonchain was the first to dish out the SLOP meme coin transaction. “This meme coin 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 meme coins with a win rate of only 21.19%, but the gains on SLOP alone recovered all previous losses,” read the tweet.