Hand-Diamond Trader Broke Over $1.7 Million Dealing With This Meme Coin – Here’s How

TL;DR

A trader bought 170.2 billion PEPE coins last October and sold them on July 25 for $1.97 million, making a profit of $1.77 million. Other meme coin traders have also made massive gains, but investing in these volatile assets can be risky and lead to significant losses. The impressive benefit

Meme coins have the ability to experience a substantial increase in price within a short period of time, thus benefiting savvy traders who chose the right time to enter the ecosystem. A typical example of this token is Pepe (PEPE), whose valuation increases by almost 800% on an annual scale.

Crypto analytics platform Lookonchain revealed the case of a trader who bought 170.2 billion PEPE coins at the end of October last year.

They kept the stock intact for the next several months before selling it for USDC 1.97 million earlier this week (July 25). The return on investment (ROI) is an impressive 886%, while the total profit is $1.77 million.

The sale included two transactions. The trader first traded just over 100 billion PEPE for $1.16 million USDC and then converted the remaining tokens worth $812,000 from the stablecoin.

Some X users commenting below the post described the move as a wise decision. Others, however, noted that the profit would have been much larger if the trader had cashed out two months ago.

The price of PEPE then reached an all-time high of around $0.00001699, while it is currently trading at $0.00001171 (CoinGecko data), representing a 30% decline.

Other coin millionaires memes

The aforementioned PEPE trader is one of many who see their initial investment rise above $1 million. An industry participant who bought over 48 billion SHIB tokens in January 2021 for 2 ETH (worth only $2,700 at the time) sold the holdings for over 280 ETH in May of this year, or over $1.2 million.

Another spent just $310 by the end of 2023 to amass roughly 2.5 million dogwifhat (WIF) coins. The trader will make a huge profit of over $6 million if he decides to withdraw.

Although it seems like a great investment option and a dream way to get rich in a short period of time, dealing with meme coins can also be quite dangerous and lead to devastating financial losses. This is based on their infamous volatility and the fact that some of them have questionable use cases and focus on specific trends that sooner or later disappear.

Those about to jump on the bandwagon should do proper research beforehand and invest only as much as they are willing to lose. For more vital tips, watch our dedicated video below:

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