Crypto Trader Makes 25M Profit in Less Than 24 Hours
The world of cryptocurrency remains unpredictable, heavily swayed by larger economic forces. Recent data on job growth in the United States has surpassed expectations, indicating that the economy is resilient in the face of rising interest rates. This diminishes the likelihood of rate cuts, affecting the flow of funds into riskier ventures such as cryptocurrencies.
A savvy crypto trader has reaped substantial profits from meme coins amidst the fluctuating market. Following a downturn and subsequent recovery in the broader market, this trader capitalized on meme coins and saw significant gains.
In a recent trade that showcased the growth and dynamism of the cryptocurrency sector, an investor used 15.8 SOL (approximately $2,558) to purchase 36.77 million RNT. They then sold 606,000 RNT for 165 SOL (around $26,800), ultimately leaving them with 36.17 million RNT valued at approximately $2.4 million. What a stroke of luck for this trader!
According to Lookonchain, this fortunate trader achieved remarkable profits from 12 meme coins. Creating a new wallet on June 7, they traded 12 tokens with an impressive success rate of 83%. Among the assets traded were RNT, TOPG, and TATESOL, reflecting a trend spurred by the meme coin craze associated with Solana-based assets.
The frenzy surrounding meme coins and market corrections have been a focal point in recent times. Just last month, another trader garnered $657,000 from an $800 investment within hours by capitalizing on the meteoric rise of the asset Mother Iggy (MOTHER). However, meme coins experienced a drop last week alongside major crypto assets due to market corrections.
Data from Santiment reveals that the market cap of meme coins currently stands at $57.7 billion, with a slight increase of 0.19% in the past 24 hours and trading volumes exceeding $5.5 billion. Leading assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) saw declines, while certain tokens witnessed minor inflows.
Despite recent setbacks, meme coins remain alluring to traders seeking quick profits. These success stories underscore the potential for substantial gains in a volatile market, albeit with inherent risks.
Disclaimer: The information provided on this platform should not be construed as financial advice. Investment in cryptocurrency is speculative, and your invested capital is subject to risk.