A highly skilled trader in the world of memecoins has caught the attention of many by turning a modest investment of $8,524 into a staggering $12.8 million in just a matter of weeks. According to Lookonchain, a blockchain tracking firm, this trader, known as jwynn.eth (@JamesWynnReal), achieved these massive profits through buying and selling the memecoin Pepe (PEPE).
Initially, jwynn.eth purchased 2.83 trillion PEPE for $8,524 during the early stages. However, the trader then sold 1.81 trillion PEPE for an impressive $4.57 million. Currently, jwynn.eth holds 1.02 trillion PEPE, which is valued at $8.25 million, distributed among three wallets. Altogether, the total profit gained from PEPE stands at approximately $12.8 million, representing an astounding increase of 1,503 times the initial investment.
Lookonchain also brought attention to another smart trader who made significant gains by trading the memecoin Book of Meme (BOME), which was launched on the Solana (SOL) blockchain.
“This trader has earned over $2 million through memecoin trading, proving that real traders can achieve success in this market. The most substantial earnings were made from trading BOME, resulting in more than 6,495 SOL ($1.23 million). The trader initially spent 300 SOL to purchase BOME, eventually selling it for 6,795 SOL. After Binance announced the listing of BOME, the trader spent 3,000 SOL to acquire BOME from a decentralized exchange (DEX) and deposited it into Binance for further sale.”
Additionally, Lookonchain noticed a trader who swiftly capitalized on the price discrepancy of Renzo Protocol’s restaked Ether token (EZETH) on April 24, which temporarily depegged from Ethereum (ETH). This quick-thinking trader, known as czsamsunsb.eth, managed to make a profit of over $390,000 within a mere two hours.
czsamsunsb.eth invested 4,099 ETH to acquire 4,221 EZETH successfully during the depegged period, resulting in a gain of 121.65 ETH.
It is important to note that the information provided by Lookonchain serves as a reminder that trading within the cryptocurrency market carries significant risks. Investors should exercise caution and conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or digital assets. Transfers and trades are undertaken at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl encourages readers to make informed decisions and does not offer investment advice or act as an investment advisor.
