A “meme lord” trader has managed to turn $30,000 worth of digital assets into about $450,000 in three years by managing to be early in a number of memecoins, including the most popular ones like Shiba Inu ($SHIB) and Pepe Coin ($PEPE).
According to digital asset market monitor OnChainDataNerd, the trader managed to identify memecoins that would later perform well and reap profits off of their rises before their prices collapse below their purchasing point.
While the so-called meme lord has already cashed out a portion of their windfall, their investment path provides intriguing insights into the strategies they have employed. The lion’s share of their profits came from trades involving three key digital assets: Shiba Inu (SHIB), Pepe Coin (PEPE), and TSUKA.
The meme lord’s journey began when they invested $2,500 in Ethereum (ETH) into SHIB in March 2021. The trader wisely chose to sell during the May peak, and while in retrospect the timing may not have been absolutely optimal, they managed to net a profit of 22x, yielding $60,000.
Following a similar pattern, the meme lord made a foray into the PEPE market on April 17 and secured a tidy profit on May 5 following the token’s listing on Binance, the world’s largest cryptocurrency exchange. Retaining a position of 14 billion PEPE, the trader achieved a 14x return on their initial investment, culminating in an impressive $70,000 gain.
However, the most substantial profit came from the trader’s investment in TSUKA. Starting with a mere $300 purchase in USDC in May 2022, this investment skyrocketed to a staggering return, resulting in a gain of $250,000.
As CryptoGlobe reported, earlier this month a fresh wave of tokens themed around the upcoming U.S. presidential election started catching the eye of speculative investors, to the point one surged over 7,000% in 24 hours.
A token bearing the moniker of Florida’s governor, Ron DeSantis, dubbed RON, saw its value appreciate over 7,178% over a 24-hour period on decentralized cryptocurrency exchanges, before enduring a correction.
The cryptocurrency space has been dealing with a significant memecoin trend. As reported, a mysterious “super” memecoins hunter has managed to trade with gains worthy of Wall Street titans, as the trader has managed to make an astounding 562.64 ETH, worth more than $1 million, in little over a month trading memecoins.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
Trading memecoins, while potentially lucrative, also harbors significant risks that should not be underestimated. These tokens can be highly volatile, with values that can surge or crash dramatically in short periods of time. They frequently lack the underlying technology or utility that supports more established cryptocurrencies
Image Credit
Featured Image via Unsplash
Source: Read Full Article