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Memecoin trader makes $1.7 million profit in just two days
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Memecoins are in high demand this year, with investors making increasingly large gains from cryptocurrency trading. One of the latest profit cases involves a memecoin trader who made $1.77 million in just two days.
The trader purchased several tokens, including many that are related to the US election, a fact that could trigger the cryptocurrency market rally. Furthermore, the election could also affect the price of several memecoins that are in the pre-sale phase, such as Flockerz and FreeDum Fighters.
According to data from Lookonchain, the trader invested in 62 tokens in just 15 days and established a success rate of 43.55%. Most of the trader’s profit came from Peanut (PNUT), a memecoin that has soared 2,100% since its creation, driven by a squirrel of the same name that was euthanized by US authorities.
In addition to PNUT, the trader also invested in tokens such as HIMA, ProjectSid and RIPETH, profiting US$1.77 million. He also owns other tokens that record unrealized profits of $955,000.
US$1.77 million in 2 days
Interestingly, the trader also had significant losses, but the profits from just two days were enough to turn the loss into profit.
The trader used simple but effective trading strategies. He started with diversified token exposure, purchasing no less than 62 tokens. Of these, some made losses, but the rest gained value and left the portfolio with gains in general.
In the case of PNUT, the trader bought and sold the token with almost perfect timing, and this operation accounted for the majority of the profits. Last but not least, the memecoin trader did not let the losses stop him as despite the losses, he continued to trade other popular cryptocurrencies.
As he continued to focus on high potential trades without fearing losses, he succeeded with returns in the end, indicating how the market rewards those who do not hold back out of fear.
The biggest lesson from this memecoin trader’s experience is that the cryptocurrency market is full of ups and downs, and investors must be prepared for anything. Including to take advantage of tokens that benefit from specific moments.
The case of PNUT is special, as this token gained a lot from the US election. And the same could happen with DUM, a token from the FreeDum Fighters project, which brings together the two candidates for the US presidency: Donald Trump and Kamala Harris.
Memecoin trader makes $1.7 million profit in just two days
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Memecoin trader makes $1.7 million profit in just two days
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Memecoin trader makes $1.7 million profit in just two days
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Memecoin trader makes $1.7 million profit in just two days
