blockchainreporter.net
A crypto trader recently made headlines after converting a $1,795 investment in $Ban Coin to a profit of over $1 million in just 48 hours. Utilizing insider wallets linked to the deployer address “5W7U…b3cV,” the trader timed his $Ban Coin sales to capitalize on market surges. He reportedly traded many memecoins before but couldn’t make any fortune and then he hit his luck by using the wallet and launched a memecoin $Ban and yielded around $1 million on $Ban.
1/ Michael Bouhanna(@michaelbouhanna) bought many #MEMEcoins but made almost no money!
— Lookonchain (@lookonchain) October 27, 2024
So he used his wallet "5W7U…b3cV" to launch a #MEMEcoin named $Ban and made more than $1M on $Ban with just one insider wallet!
👇👇👇 pic.twitter.com/3D1Qq9DPVX
Reports confirm that this wallet, allegedly associated with the trader @michaelbouhanna, was instrumental in deploying $Ban Coin and funding trades from a secondary wallet, “EwVB…mD2.” Lookonchain, an on-chain crypto analytical platform, shared the details of the trades made by the trader past couple of days through its social media platform, X.
Insider Wallets and Market Strategy Lead to Massive Gains Through $Ban
The wallet “5W7U…b3cV,” identified as the deployer of $Ban Coin, was initially funded by “EwVB…mD2.” This second wallet actively traded various meme coins without significant profit until engaging with $Ban Coin. The trader carefully sold portions of his holdings after each surge in $Ban’s price, beginning with an initial purchase of 36.27 million $Ban for 10.2 $SOL, approximately $1,795.
During the first price increase, he sold 12 million $Ban for a substantial return of $56,900. $Ban experienced a 90% drop; however, the trader opted to hold rather than panic-sell. This patience allowed him to take advantage of another price spike: he sold 6.13 million $Ban for an additional $80,700, still retaining 18.13 million $Ban valued at $900,000.
Maximizing Profit through Strategic Timing
This savvy trading approach highlights the value of a measured selling strategy in volatile meme coin markets. The trader avoided potential losses and maximized gains by resisting the urge to sell all at once. Each sale was calculated to coincide with market highs, allowing him to sustain a profitable position despite price volatility.
The trader burned 37.36 million $Ban tokens to address concerns about his involvement. Despite the burn, he reportedly profited through an insider wallet, reaching gains of over $1 million within two days.