This trader turned $96 into over $3 million in 1 year

TL;DR

One trader turned a $96 investment in meme coins into a paper profit of over $3 million. However, investors should pay attention when jumping on the bandwagon due to memes’ infamous volatility, which could lead to devastating losses. What a trade…

Meme coins are an exciting part of the cryptocurrency world and have become trending during the last bull cycle. They come out quite frequently, with some witnessing amazing price increases in a short period of time. As such, memes have caught the attention of savvy traders who are always on the lookout for quick fortunes.

Blockchain analytics platform Lookonchain revealed the case of one such person who bought over 600,000 TRUMP tokens in August last year. The asset (linked to presidential candidate Donald Trump) was worth less than $0.01 at the time, and the trader scooped up the stock for just $96.

However, the value of the meme coin exploded in the following months, benefiting those who entered the ecosystem in the early days.

Several hours ago, the aforementioned trader sold 6,000 TRUMPs for about $30,000. They now have 594,564 chips left, which means they have a paper profit of $3.06 million.

Numerous X users who commented on the post congratulated the trader on the successful investment, with some noting that the profits would have been even more noticeable if the person had sold the stock in early 2024. Remember, TRUMP was worth over $17 in early June. , while currently hovering around $5.25.

TRUMP Price, Source: CoinGecko Other Successful Meme Coin Trades

TRUMP isn’t the only meme currency that has shot up substantially in recent months, positioning savvy traders’ investments in the green. An obvious example is the Solana-based dogwifhat (WIF), which was the rock star of crypto in early 2024.

Earlier this year, CryptoPotato reported that a trader bought 2.58 million WIF tokens for only $310 Solana (SOL) in November 2023. Should they decide to cash out, the profit would be 6.7 ​​millions of dollars (as of now).

Another trader spent approximately $2,500 to buy almost 50 billion Shiba Inu (SHIB) tokens in 2021. In March of this year, they withdrew more than 80% of the total storage and deposited it on Coinbase. If they had sold, the profit would have been over $1.5 million (at the time).

While it may seem attractive to invest in meme coins during the current bull run, it can also lead to significant losses due to their notorious volatility. That said, traders should be extremely cautious when jumping on the bandwagon and invest only as much as they are willing to lose.

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