Follow Us @
Explosion of memecoins attracts investors and raises suspicions from insiders
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.
An investor in the memecoin market managed to accumulate million-dollar profits in just two days after betting on several high-risk tokens. With an investment in the cryptocurrency Peanut the Squirrel (PNUT), he made a return of US$1.77 million, according to data from Lookonchain released on November 3. This rapid fortune resulted from operations carried out in tokens with high volatility and high profit potential.
The investor, who specialized in risky return tokens, carried out operations on the Raydium platform, an automated market maker that allows trading between currency pairs, such as PNUT/SOL. This trader’s journey with memecoins began just 15 days ago.
Since then, he has carried out transactions with 62 different tokens, achieving a success rate of 43.55%. The hit rate is remarkable considering the instability and volatility common to memecoins.
In addition to PNUT, the investor made profits from other tokens, including HIMA, ProjectSid and RIPETH. Adding up all the transactions in these 15 days, the profits made by the trader reached US$955 thousand. In his operations with PNUT, he made eight purchases and 21 sales, starting from an initial investment of US$ 10,400 and later selling for US$ 681,600.
PNUT memecoin growing popularity
PNUT’s success is not isolated. After all, memecoin has experienced a surge in popularity on social media, driven by viral events and the support of public figures such as Elon Musk, CEO of Tesla. The token, launched on the Solana (SOL) blockchain, represents a broader trend among memecoins, which attract investors by leveraging humorous themes and digital culture.
In particular, the popularity of PNUT may be related to an event that involved the death of Peanut the Squirrel, a squirrel that gained prominence on social media and whose controversial death generated great repercussions. The incident attracted attention to related tokens, including PNUT, leading investors to consider this type of currency. Musk also commented on the case, criticizing New York authorities for euthanizing the squirrel. This further fueled interest in cryptocurrency.
At the time of publication, PNUT was trading at $0.045, down more than 60% in the last 24 hours.
The growth of memecoins, such as PNUT, has attracted the attention of investors seeking quick gains from well-timed trades. Although some achieved impressive results, such as another trader who turned an initial investment of US$44,800 into US$1.4 million, other investors recorded significant losses due to the high volatility of these currencies.
With the boom in memecoins, questions also arise about the possibility of trading with insider information. This raises suspicions about the activities of “insiders” with trading patterns and returns that arouse distrust.
Explosion of memecoins attracts investors and raises suspicions from insiders
Follow TODAYSGIST on Google News and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!
Explosion of memecoins attracts investors and raises suspicions from insiders
SHARE POST AND EARN REWARDS:
Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program
FIRST TIME REACTIONS:
Explosion of memecoins attracts investors and raises suspicions from insiders
Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.
JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >
Explosion of memecoins attracts investors and raises suspicions from insiders
