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TL;DR
- A whale turned $2.42M into $3.94M by trading Cat in a Dogs World (MEW), while another turned $158 into $5.6M with CHILLGUY, showcasing the high profit potential of early investments.
- However, meme coins are highly volatile and many lack intrinsic value, making thorough research and cautious investment crucial to avoid significant losses.
The Multi-Million Trade
Meme coins are extremely volatile and allow people to make substantial profits, assuming they enter in the early days and cash out at the right time. One savvy trader followed that strategy, purchasing 416.8 million Cat in a Dogs World (MEW) tokens in July this year. The transaction was worth around $2.42 million at the time.
Lookonchain recently revealed that the whale sold the stash for 16,270 SOL ($3.94 million), making a profit of 6,270 SOL ($1.52 million).
The cat-themed meme coin saw the light of day in March this year and its price was hovering at approximately $0.003 when the trader jumped on the bandwagon. Currently, MEW is worth $0.009, representing a 200% increase since the July levels.
The trader’s actions caused mixed reactions among X users. Some highlighted the multi-million trade, while others suggested that the whale could have waited a bit longer before cashing out since the market is in a bull mode.
Not long ago, another trader spent just $158 worth of SOL to purchase 12.4 million CHILLGUY tokens. As of this writing, the stash equals nearly $5.6 million. Recall that CHILLGUY began trading in mid-November and was worth around $0.007. It experienced an impressive rally in the following days and is currently standing at approximately $0.45.
Beware the Risks
While dealing with meme coins can indeed lead to substantial profits, it may also result in crucial losses. After all, many of these assets are based on temporary trends and lack fundamental value in terms of utility or intrinsic worth. This means their prices might head south in a very short period of time.
Those about to enter the ecosystem should follow some key rules to avoid a devastating outcome, such as investing only as much as they are ready to lose and conducting proper research beforehand.
The post This Meme Coin Trader Made a Profit of Over $1.5 Million: Here’s How appeared first on CryptoPotato.