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A crypto trader has recently gained significant attention in the crypto sector by earning huge profits through meme coins.As per Lookonchain, a popular on-chain analytics firm, the trader made an impressive return of $440,000 from only 60 $SOL tokens nearly $9,600 within ten days. The analytics platform discussed this event on its official X account.
This trader started with 60 $SOL($9.6K), caught 12 10x #MEMEcoins, and made over $440K in just 10 days!
— Lookonchain (@lookonchain) October 28, 2024
But he has traded a total of 502 #MEMEcoins, with a win rate of only 28%.https://t.co/GI7xdmbDxo pic.twitter.com/vJZCYFUxzi
Crypto Trader Earns Huge 10x Profit in Meme Coins Within Ten Days
In its latest post, Lookonchain pointed out that this huge profit in such a short span resulted from a strategic investment. The trader reportedly managed to get 12 diverse meme tokens and each of them provided a 10x return. Though the trader saw extraordinary gains, this event denotes that the meme coins are extremely risky in the case of trading. In line with the data from Lookonchain, the trader invested up to 502 meme tokens. However, the trader has maintained a comparatively decreased success rate of only 28%.
The Event Signifies the Meme Sector’s Potential for Huge Gains
The achievement highlights the potential for substantial gains in the meme coin sector, although with caution. Typically, meme tokens get inspiration from cultural trends. They reportedly experience enormous price fluctuations that can pave the way for both losses and gains in large amounts. They have the lowest intrinsic value as well as a minor backing and thus can primarily depend on hype and community sentiment. This makes them considerably speculative in the case of investments.
However, the 10x profit, as seen in the case of the above-mentioned trader, requires accurate timing. The ten-day journey of the anonymous trader showcases the latest opportunities and risks associated with meme coins.