Crypto trader profits $9M in 3 days, hits 3,000x return on investment
Release: 2024/10/20 17:59 Reading: 889
Savvy Cryptocurrency Trader Profits $9 Million from Altcoin Investment
A skilled cryptocurrency trader has realized over $9 million in profits from an initial investment in memecoins, demonstrating the lucrative potential of this niche.
The trader achieved a remarkable 3,000-fold return by investing in the Solana-based Numogram (GNON) token, a low-market cap memecoin launched on October 17.
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Onchain intelligence firm Lookonchain highlighted this lucrative trade on October 20:
"This individual transformed $3,000 into $9 million in mere days, a 3,000x return! With just $3,000, he acquired 56 million $GNON across three wallets before executing a partial sale."
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Despite their inherent lack of utility, memecoins have minted numerous millionaires due to their extreme price volatility. In May, a shrewd Pepe (PEPE) trader turned $3,000 into an astounding $46 million within a month, riding the wave of the frog-themed memecoin's rally.
Related: Liquid Staking Tokens at Risk of Depegging amid Market Turmoil?
GNON Memecoin Surges 230% Amid Moonshot Listing
Despite its enigmatic nature and absence of discernible use cases, the GNON memecoin has witnessed a remarkable 200% surge in a single day.
On October 19, the GNON token surged over 233% against Solana (SOL). According to GeckoTerminal data as of October 20, 11:08 am UTC, the memecoin has gained over 10% in the past 24 hours, trading at $0.1505.
The token's momentum gained traction following its listing on Moonshot, a memecoin trading platform, on October 19. Moonshot has attracted a growing community of novice retail traders seeking the next big meme token.
However, it is important to note that GNON's rally may prove short-lived, as its price appreciation lacks substantial fundamental support. Similar to other popular memecoins, GNON's surge is primarily driven by social media hype and speculation.
Related: Ethereum's Path to $3,000 Gains Momentum, Despite Concerns
Memecoins as a Reflection of "Disillusioned Generation"
According to Hao Yang, head of financial products at Bybit exchange, the recent success of memecoins mirrors the sentiments of disillusioned younger generations, reminiscent of the punk music movement that gained popularity despite initial criticism.
Yang commented to Cointelegraph:
"Memecoins' success, akin to punk rock, reflects the disillusionment of young investors who have witnessed the diminished opportunities once available to their parents."
Yang further asserted that memecoins with billion-dollar valuations expose the absurdity of the fiscal system:
"By creating tokens out of thin air and inflating them to billion-dollar valuations, these creators demonstrate the absurdity of our current fiat system."
The Solana memecoin craze may have a positive impact on the SOL price, with some market analysts predicting a rally to $180 driven by the continued demand for memecoins.
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