finbold.com
As was the case with many savvy cryptocurrency investors during the 2024 bull market, one trader made a small fortune with meme coins within just a few days.
Specifically, one investor spent 603 Solana (SOL) – worth approximately $86,000 – on October 11 to purchase 10,7 million $GOAT. On October 17, the same trader offloaded some 700,000 $GOAT making about $222,000.
Interestingly, the cryptocurrency investor missed an opportunity to sell the Solana-based meme coin at its peak. Indeed, at one point, the 10.7 million $GOAT was worth as much as $3.75 million.
Additionally, the trader runs the risk of many actors in the market as he still holds 10 million of the token, meaning he may either rake in well over the $2.74 million the holding is worth on October 17, or it could go to $0.
Still, at press time, the investment appreciated 3,360%.
$GOAT millionaire’s patience rewarded with 226% return on $BILLY
Whatever the fate of the trader’s $GOAT, it isn’t the only cryptocurrency they recently successfully flipped. Specifically, they wagered $182,000 in June on $BILLY.
As it turned out on October 17, the bet and the patience paid off and the investor cleared the entire position for $593,000, raking in $411,000 in profits – a 226% return rate.
As impressive as the two trades were, they are far from the most successful bets on $GOAT. On October 15, Finbold reported on another trade involving the cryptocurrency in which one trader spent only 5 SOL – $727 – to purchase 5.7 million $GOAT.
When they sold, they received 5,949 Solana, worth $931,000 and retained a substantial position in the meme coin, likely with the hopes of further appreciation. Amusingly, the trader who turned the $727 into nearly $1 million in realized and nearly $2 million in additional unrealized gains is known as stupidmoney.sol.
Is 2024 the year of meme coin millionaires?
The recent $GOAT and $BILLY maneuvers are the latest in the long line of highly profitable meme coin trades in 2024. In September, the markets were infatuated with Moo Deng (MOODENG) – a token inspired by a pygmy hippo at Khao Kheow Open Zoo in Thailand.
In June and July, cryptocurrencies made to take advantage of the ‘Hawk Tuah’girl’s virality were recording massive success, and investors were using Jeo Boden (BODEN) to place their wagers on the outcome of U.S. elections.
Still, despite many of these meme coins generating overnight millionaires, it is always worth remembering that the year saw numerous flops. Some of these large losses were even suffered when trading established coins and tokens, such as the June case of one investor who lost $2 million trading Pepe (PEPE).