A remarkable success story has emerged in the world of cryptocurrency, where a trader achieved a 3,329x gain in just four days by investing in a Solana (SOL)-based meme coin called $GOAT. This highlights the speculative nature of such tokens, which have begun to regain market share and demand amid ongoing debates and interest.
The Details of the Meme Coin Investment
On October 14, a trader sold 5.7 million $GOAT coins in exchange for 5,949 SOL, a sum valued at approximately $931,000, according to Lookonchain data. Interestingly, just four days prior, this trader had purchased 15.15 million $GOAT for only 5 SOL, equivalent to $727 at the time. After partial sales, the user known as stupidmoney.sol still holds 9.5 million $GOAT, giving them a total of $1.49 million in assets and a combined realized and unrealized gain of $2.42 million.
However, if stupidmoney.sol attempts to cash out all their gains at once, they may face liquidity issues. The liquidity for the GOAT/SOL pair is only around $2.9 million, a common challenge with meme coins. In recent days, many crypto traders have been seen selling off their millionaire positions in meme coins. This trend coincides with the crypto market’s sudden surge into a bull trend, with the market cap increasing by hundreds of billions of dollars after weeks of stagnation.
This guy turned $727 into $2.42M in just 4 days, a 3,329x return!😱
He spent 5 $SOL($727) to buy 15.15M $GOAT 4 days ago and sold 5.7M $GOAT for 5,949 $SOL($931K) in the past 8 hours, leaving 9.45M $GOAT($1.49M).https://t.co/GeXNlongIW pic.twitter.com/n5OEwZ1BEk
— Lookonchain (@lookonchain) October 15, 2024
Ethereum Creator Also Cashes in on Meme Coins
Ethereum’s creator, Vitalik Buterin, has also profited from meme coins, reportedly earning more than $2 million from meme tokens he received for free. Buterin has stated that he will donate all his profits to charity and encouraged others to do the same. Stories like the one of stupidmoney.sol, who turned $727 into $2.42 million in just four days, are becoming more common. Another example is an anonymous trader who turned a mere $368 investment into $2 million in just three days.
Market Concerns Persist
Despite the excitement and the growing FOMO (fear of missing out), experienced market participants are voicing concerns. Issues like death crosses, smart contract bugs, phishing attacks, low liquidity, and other well-known risks could shift the market’s direction. Discussions around meme coins and their associated risks are ongoing. While some influencers continue to promote their own tokens to their audiences, traders like Murad believe that this crypto bull cycle could be a “Meme Coin Super Cycle,” viewing it as a reaction to predatory VC dynamics.
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