Memecoins
Recent rise in Memecoins generates significant profits for traders » The Merkle News
The recent surge in memecoins continued to generate substantial profits for traders. Notably, one trader earned a remarkable $1.17 million from his investments in $GME and $AMC.
On May 13, following @TheRoaringKitty’s return to publication.
As of now, the value of the trader’s holdings of $GME and $AMC have skyrocketed to $4,536 SOL (a 7x increase) and $4,590 SOL (a 14x increase), respectively.
This trader makes $1.17 million from #memecoins $GME And $AMC!
On May 13, the merchant spent 645 $ SOL buy 30.8 million $GME and 327 $ SOL buy 27.6 million $AMC between 8 and 11 hours later @TheRoaringKitty posted his return on X.
Now the trader $GME And $AMC assets are worth 4,536 $ SOL… pic.twitter.com/aoOhtEuqwP
– Spot on the channel (@spotonchain) May 15, 2024
Another adept trader took advantage of the memecoin frenzy, earning $576,000 on $GME in less than two days. This trader, perhaps inspired by @TheRoaringKitty, spotted the opportunity just 8 minutes after the influential post and invested $200 SOL ($29,000) to acquire $43.86 million in $GME.
After the price surge, the trader sold $6.12 million GME for $400 SOL ($58,000), doubling the initial investment with $200 SOL in realized profit.
This smart trader made $576,000 on $GME in less than 2 days!
This trader, perhaps a fan of @TheRoaringKittyspotted the trading opportunity 8 minutes later @TheRoaringKitty posted and spent 200 $ SOL($29,000) to buy 43.86 million $GME.
After the price increased, he sold for 6.12 $GME for 400… pic.twitter.com/WyDSbErb41
– Lookonchain (@lookonchain) May 14, 2024
More Whale Traders Are Shifting Toward Memecoins Following Recent Retracement
When the price of $GME fell, the trader reinvested the $200 SOL profit to buy $4.14 million of GME at a lower price. A few hours ago, they sold $11.88 million GME for $1,358 SOL ($198,000), leaving $30 million GME valued at $378,000.
Despite a 20% drop in the price of $GME over the past 24 hours, two newly created wallets benefited from the decline. These wallets withdrew $3,045 SOL ($438,000) from Kucoin and purchased $22.79 million of GME at an average price of $0.019, demonstrating continued interest and strategic trading in the memecoin market.
2 newly created wallets withdrew 3,045 $ SOL($438,000) from #Kucoin and bought 22.79 million $GME at an average price of $0.019.https://t.co/lreWpZPdznhttps://t.co/KKi6cTY5BY pic.twitter.com/pIEvVxE8wi
– Lookonchain (@lookonchain) May 15, 2024
Recent activity in memecoins like $GME and $AMC highlights the dynamic nature of the cryptocurrency market, where timely investments and quick responses to market trends can generate significant returns.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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Image source: Alfazetchronicles/123RF // Image effects by Colorcinch