Cryptocurrency trader turns $1.1k into $1.62 million in 20 days 
Cryptocurrency Nov 17, 2024 Share
Through precise identification of opportunities, a cryptocurrency trader has capitalized on the ongoing market momentum to record over 1,400-fold returns on their initial investments.
The anonymous investor turned a modest $1,100 into a staggering $1.62 million within 20 days by capitalizing on the ongoing meme cryptocurrency rally, according to data shared by Lookonchain on November 17.
The traders’ returns began with their investment in the Solana (SOL)-based meme coin Urolithin A (URO). In late October, they spent 4.35 SOL ($768) to purchase 16.44 million URO.
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Doubling down on their belief in the token, they converted all their meme coin holdings into URO. Their investment paid off, as the URO holdings are now worth $572,000, yielding a 714-fold return.
URO/SOL pair on Raydium. Source: DexScreener
The trader also made significant gains with Rifampicin (RIF), investing 1.8 SOL ($300) to acquire 11.84 million tokens. After RIF surpassed a $100 million market cap, the trader sold 1 million tokens for 94,335 USDC, leaving 10.84 million RIF valued at $957,000. This maneuver resulted in a 3,503-fold return.
RIF/SOL pair on Raydium. Source: DexScreener
Combined, the bets on URO and RIF have netted a profit of over $1.6 million at a time when the two meme coins have experienced explosive growth. These transactions, paired against Solana, occurred on Raydium, an automated market maker (AMM).
By press time, URO was valued at $0.02939 and had a market cap of almost $30 million. On the other hand, RIF had a valuation of $0.07849 and a market cap of $78 million.
Rising meme coins’ popularity
The growth has generally stemmed from the popularity of Solana-based meme coins and the overall bullish sentiment across the cryptocurrency market.
Meme coins have been among the market’s biggest performers in recent weeks, as highlighted by data shared by Ali Martinez. In an X post on November 16, Martinez pointed out that meme coins outperformed the market in the past week, delivering returns of 63.71%.
Crypto sector performance. Source: Ali_charts
This momentum has been further fueled by the listing of several meme coins on the Binance crypto exchange, which exposes them to greater liquidity and visibility.
For instance, the impact of such listings was evident with Peanut the Squirrel (PNUT), which joined the $1 billion market cap club following its Binance listing.
Interestingly, there has been a growing trend of investors earning massive profits from select meme coins in recent weeks. While some of these trades can be attributed to strategy and luck, there are speculations that some returns might be due to insider trading activity.
In such cases, certain individuals may have had prior information, such as a planned listing of a meme coin on a major exchange and accumulated tokens beforehand.
As reported by Finbold, possible insider trading incidents have been reported with meme coins such as Goatseus Maximus (GOAT) and Daddy Tate (DADDY).
Featured image via Shutterstock