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Meme coins have been on an upward trend since spring — and although noted experts like Michaël van de Poppe warn that the surge could die down soon, there are still plenty of profits to be had — provided that opportunities are spotted in time.
This is best exemplified by savvy traders who manage to turn humble investments into hundreds of thousands, if not millions of dollars.
However, there’s a catch — impressive as they are, these trades are highly speculative, risky, and timely — on top of that, they’re often executed by accounts that place dozens of trades a day. Unsurprisingly, this leads to speculation as to whether or not insiders or automated systems are actually placing the trades.
One account has managed to accrue $815,000 by trading memecoins over the past 30 days, according to an X post from Lookonchain on October 22. The transactions spanned more than 2,000 tokens — most notably, the account’s win rate was also at an impressive 81.34%.
Skilled trader secures quadruple-digit returns
At press time, the account in question has managed to realize $815,499 in profit — for a total return on investment of 70.36%.
The wallet’s trading activity over the last couple of days has encompassed various tokens, but a quarter of the returns trace back to just five tokens — Way of The Future (WOTF), No1 tiktok frog (OMOCHI), Dog (DOG), Goliath the leopard gecko (GOGO), and Shoko-chan (SHOKO).
The first entry in that list is certainly the most impressive — with the trading netting returns of 19,222.11%.
Was this the work of an insider or a trading bot?
X users were quick to deem this the work of an insider, but a closer look at the wallet in question (DfMxre4cKmvogbLrPigxmibVTTQDuzjdXojWzjCXXhzj) reveals that this might not be the case.
For starters, the account holds a balance of 359.01 Solana (SOL), valued at roughly $59,756, and 326 tokens with a total value of $13,641, according to Solscan.
At present, the largest token holdings are 15,098,351 Trencher Tate (TRATE), 41,373,785 Darcell Migel (DM), and 20,275,583 The Paperclip Maximizer (PAPER) — worth $3,894, $1,573, and $1,303 respectively at the time of publication.
The more interesting factor, however, is the frequency of trades. The account has executed more than 114,890 transfers in total — although only the last 100 pages are available for viewing. The account has made more than 1,800 transfers in the last 24 hours — leaving little doubt that, while impressive, these gains are the work of an automated system.