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Crypto Trader Earns $2.4 Million With 12 Meme Coins: Here’s More
A cryptocurrency trader has made a fortune on meme coins following the decline and recovery of the broader market. Crypto millionaires have appeared in previous bull markets, and many have rallied around meme coins. The recent market correction saw a decline in cryptocurrencies as traders turned to meme coins to make up for lost ground.
This led traders to record huge gains from his investment in meme coins, sparking a frenzy in cryptocurrency communities on social media.
The lucky cryptocurrency trader goes home with a bang
According to digital asset analytics platform lookonchain, one lucky cryptocurrency trader has made an incredible profit of $2.4 million from 12 meme coins. On June 7, he created a new wallet by trading 12 tokens in total with a win rate of 83%. The goods purchased include RNTTOPG and TATESOL among others.
“What a lucky trader! 19 hours ago 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 957x profit! He spent $15.8 SOL ($2,558) to buy $36.77 million RNT and sold $606,000 RNT for $165 SOL ($26.8 million), leaving $36.17 million RNT ($2, 4 million), with a total profit of over $2.4 million!. “
This trend has become more evident with the meme coin frenzy popularized by
Solana-based assets. Last month, a trader made $657,000 from an $800 purchase in just a few hours. The cryptocurrency trader profited from the exaggerated gains of the asset, MOTHER.
Wider earnings than meme coins
In general, meme coins have collapsed along with major crypto assets following market corrections. The market capitalization stands at $62.2 billion, down 8% over the past 24 hours, with trading volumes slightly above $9 billion. Top resources like Dogecoin (DOGE), Shiba Inu (SHIB) and PEPE recorded losses of 8%, 7.5% and 9.6%, while new tokens saw slight inflows.
However, some assets have seen 100x gains thanks to bulls accumulating tokens. Roost and Tate Stop saw inflows of 139% and 130% respectively.
Read also: How high can BRETT go while the price is booming?
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.