Markets
Here’s how one crypto trader made $2.5 million profit in less than a day
THE cryptocurrency the market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data beat expectations, indicating the economy is coping well with rising interest rates.
This reduces the likelihood of rate cuts, which would impact the flow of money into riskier sectors. investments as cryptocurrencies.
A crypto trader made a fortune in coins even following the decline and rebound of the broader market.
The recent market correction has led to a decline in crypto assets, prompting traders to turn to meme coins to make up lost ground. This strategy allowed one trader to record huge gains, sparking a frenzy around meme coins.
Profitable strategy in a context of market volatility
The continued growth and evolution of the cryptocurrency industry has proven to be a profitable environment, as demonstrated by an impressive recent trade.
Specifically, this investor used 15.8 GROUND (approximately $2,558) to purchase 36.77 million RNT, then sold 606,000 RNT for 165 SOL (approximately $26,800), leaving 36.17 million RNT worth approximately 2.4 million dollars.
What a lucky trader!
19 hours ago he created a new wallet to trade #MEMECoin!
He traded 12 MEMEcoins, with a win rate of 83% and a profit of over $2.5 million!
He was very lucky to buy $RNT and has a profit of 957x!
He spent 15.8 $ SOL($2,558) to buy 36.77 million $RNTand sold for 606K… pic.twitter.com/l0cZw0ddjT
– Lookonchain (@lookonchain) June 8, 2024
According to Lookonchain, the lucky trader made a huge profit from 12 meme coins. On June 7, he created a new wallet, trading 12 tokens with an impressive 83% win rate.
Assets purchased included RNT, TOPG and TATESOL, among others. This trend has become more notable with the coin frenzy popularized by Solana-based assets.
Meme Coin mania and market corrections
Last month, another trader made $657,000 out of $800 investment in just a few hours, taking advantage of the extraordinary gains of the Mother Iggy asset (MOTHER). Last week, meme coins fell along with major crypto assets following market corrections.
Memecoin price changes. Source: Santiment
The meme coin market cap stands at $57.7 billion, a modest increase of 0.19% over the past 24 hours, with trading volumes just over $5.5 billion.
Santiment data shows top assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pépé (PEPE) recorded losses, while some tokens saw slight inflows.
Despite the recent downturn, meme coins continue to attract traders looking for quick profits. These recent successes highlight the potential for significant gains in a volatile market, even if it carries considerable risks.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.