cryptoglobe.com
A mysterious “super” memecoins hunter has managed to trade with gains worthy of Wall Street titans, as the trader has managed to mage an astounding 562.64 ETH, worth more than $1 million, in little over a month trading memecoins.
According to popular on-chain analytics resource Lookonchain, the entity behind these trader, which the firm referred to as a “super memecoin hunter” has managed to identify promising investments in the often elusive world of meme tokens. Their trading prowess spans across a total of 104 meme tokens, boasting an enviable trade winning rate of 63.5% as 66 of these tokens made them a profit.
1/ Sharing a super #MEME coin hunter who earned 562.64 $ETH($1.06M) in the past month!
— Lookonchain (@lookonchain) May 23, 2023
– Made 189.5 $ETH ($345,306, 4x gains) on $RFD.
– Made 127 $ETH($248,697, 32x gains) on $PEPE.
If you always lose money on #MEME coins, this thread will help you increase the win rate. 🧵 pic.twitter.com/pKObcAQ4lb
The lion’s share of the hunter’s profit was amassed via strategic investments in meme coins $RFD and $PEPE. The digital treasure hunter reaped 189.5 ETH, or roughly $345,306, from a 4-fold return on RFD, and a staggering 32-fold return on PEPE, netting 127 ETH or about $248,697.
The trader was also savvy at minimizing losses, as the most substantial hit it got was a loss of 6 ETH, roughly $11,306, invested in the memecoin $RIBBIT, according to Lookonchain. The super meme coin hunter demonstrated discerning judgment in identifying potential tokens and making significant investments, as illustrated by the case of RFD.
4/ Comparing the buying cost, we can find that this SmartMoney is very good at finding potential tokens and investing heavily.
— Lookonchain (@lookonchain) May 23, 2023
For example, he spent 45 $ETH ($81.5K) to buy 74.5B $RFD and sold 71.3B $RFD for 234.5 $ETH ($427K), with a realized profit of 189.5 $ETH($345K). pic.twitter.com/n3BqsU3Zee
Whle this trader was successful, as CryptoGlobe reported PEPE’s trading frenzy has failed to rival those of rival memecoins Shiba Inu ($SHIB) and Dogecoin ($DOGE), according to an analysis conducted by popular crypto analytics firm Santiment.
When it listed the meme-inspired cryptocurrency, leading exchange Binance cautioned potential investors that PEPE lacks any inherent utility or value support mechanism. PEPE has been accused of potential insider trading, as 7% of the total token supply was reportedly purchased by insiders or team members minutes after the token generation event.
Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
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