Meme coin hunter turns $296 into $620,000 in 4 hours 
Cryptocurrency Oct 21, 2024 Share
A cryptocurrency trader, whose trading pattern mirrored hunting for meme coins, finally struck a jackpot after recording a 2,090-fold return on a single transaction.
Details of the trade indicate that the trader had an initial investment of $296 in the newly created SLOP meme coin, which transformed into a staggering $620,000 within just four hours in a transaction that also involved Solana (SOL), according to data shared by crypto on-chain analytics platform Lookonchain on October 21.
The trader entered the market by purchasing 38.17 million SLOP tokens and 1.76 SOL ($296) through Raydium, an automated market maker (AMM) platform trading the SLOP/SOL pair.
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SLOP/SOL pair on Raydium. Source: Dex Screener
After a rapid surge in SLOP’s value, the investor sold 29.78 million tokens for 2,412 SOL, netting $405,000. The remaining 8.39 million SLOP tokens held by the trader are still valued at an additional $215,000.
However, this windfall came at a cost, considering that the unidentified investor was previously involved in over 150 meme coins, recording a win rate of 21.19%. To this end, the profits from trading SLOP have covered any previous losses.
Meme coins traded by an unidentified crypto investor. Source: Lookonchain
Intrigues behind SLOP rally
Indeed, interest in SLOP has emerged from what can be considered the token’s unique creation. In particular, the coin was initiated by Namshub, an artificial intelligence agent built on Glif’s new bot layer by developer Fabian Stelzer.
Namshub, after researching meme coins like Goatseus Maximus (GOAT), which is linked to another AI chatbot named Truth Terminal, resulted in the conceptualization of SLOP.
In this case, Namshub, fascinated by viral art and meme coins as modern sigils, generated meme art, including a “Singularity Pepe.” To this end, Stelzer warned that the meme coin has no roadmap, although he acknowledged holding some SLOP.
As observed by a crypto market speculator using the pseudonym Leo in an X post on October 21, SLOP could hold a competitive edge by blending viral propagation with creative expression due to its emphasis on endless AI-driven meme content.
AI agent asks well respected dev in the industry to launch $slop
– the agent does its own research, learns about $goat and starts having an existential crisis
– also the agent makes sick art based on shit it’s researched including a singularity pepe (which is fucking insane)… https://t.co/VJTunFiRdQ pic.twitter.com/WyyrH1o2nm— Leo (@0x_Leo_) October 21, 2024
At press time, SLOP was trading at $0.020 with a market cap of over $20.8 million.
SLOP onchain metrics. Source: Dex Screener
As reported by Finbold, SLOP is not the first meme token to rally aided by artificial intelligence influence. Particularly, GOAT has recorded significant growth, partly due to aggressive promotion by Truth Terminal, which initially invested $20,000 in the token.
The rally in GOAT helped the chatbot become the first AI millionaire. The chatbot now holds positions in other meme coins that have witnessed increased buying pressure in recent days.
Meanwhile, investors who got into GOAT early have recorded notable gains, aligning with a recent trend of savvy traders profiting massively from meme coins, mainly due to the strategic timing of trades.