Here’s How a Diamond Hand Trader Made Over $1.7 Million Using This Meme Coin.
The trader saw an incredible return on investment (ROI) of 886%.
- A trader made a $1.77 million profit on July 25th, when they sold 170.2 billion PEPE coins they had purchased in October for $1.97 million.
- Investing in these volatile assets can be dangerous and result in large losses, but some meme coin traders have also made huge gains.
The Outstanding Return
The example of a trader who bought 170.2 billion PEPE coins at the end of October of last year was made public by the cryptocurrency analytics portal Lookonchain.
They held onto the hoard for the next few months without touching it, and just this week (July 25), they sold it for 1.97 million in USDC. The entire profit is a staggering $1.77 million, and the return on investment (ROI) is an amazing 886%.
There were two transactions involved in the selling. The trader converted the remaining tokens for $812,000 worth of the stablecoin after initially exchanging slightly more than 100 billion PEPE for $1.16 million in USDC.
A few X users who left comments on the post thought it was a smart idea. Others, however, pointed out that if the trader had cashed out two months earlier, the profit would have been significantly larger.
PEPE’s price fell by 30% from its peak of approximately $0.00001699 at that time to its current trading price of $0.00001171 (according to CoinGecko data).
Additional Meme Coin Millionaires
Several traders have seen their initial investment increase to over $1 million, including the PEPE trader described above. An industry player sold their holdings for over 280 ETH, or more than $1.2 million, in May of this year after purchasing more than 48 billion SHIB tokens for 2 ETH in January 2021 (worth only $2,700 at the time).
By the end of 2023, another trader only paid $310 to amass over 2.5 million dogwifhat (WIF) coins. If that trader chooses to cash out, they would have made an incredible profit of almost $6 million.
Although meme coins appear to be a fantastic investment opportunity and a fantastic way to get rich quickly, they may also be extremely risky and result in catastrophic financial losses.
Their notorious volatility and the fact that some of them have dubious use cases and are based on particular trends that eventually fade away are the reasons for this.
Before joining the trend, prospective investors should do their homework and only invest money they are willing to lose. Please watch our special video below for additional important advice:
