The crypto house is full of tales of people who’ve change into millionaires and billionaires by trading crypto tokens. This time, one other particular person has been revealed to have made $8.3 million in simply six days.
How This Dealer Made $8.3 Million
On-chain analytics platform Lookonchain revealed in an X (previously Twitter) post that pseudonymous crypto dealer Larp von Trier turned 0.1 ETH ($353) into $8.3 million on layer-2 network Base. He’s stated to have made a 23,770x revenue by investing in $KEYCAT, a meme coin on Base, whereas it was nonetheless buying and selling at a market cap of $2,200.
Von Trier used the $353 to purchase $1.3 billion price of $KEYCAT tokens (13.16% of the token’s complete provide) after which offered 344.7 million $KEYCAT for 497 ETH ($1.75 million) via two of his wallets. The dealer nonetheless holds 971.2 million $KEYCAT (9.71% of the token’s complete provide) in six different wallets. These tokens are stated to be at present price about $6.64 million.
This commerce appears to have been a breakthrough second for Von Trier as Lookonchain additional revealed that the pseudonymous crypto dealer hadn’t had a lot luck investing in meme coins prior to now. Earlier than shopping for $KEYCAT, Von Trier had bought two different Base meme cash, $NORMIE and $NORMILIO, shedding $820 and $9,700 from each trades.
Revelations about Von Trier’s worthwhile commerce have drawn combined emotions from members of the crypto neighborhood. Some allege that it have to be some type of insider buying and selling, whereas others complimented his buying and selling abilities, contemplating what it takes to have invested such an quantity in a meme coin with such a market cap.
Simply One other Day In Crypto
Bitcoinist additionally recently reported a couple of meme coin dealer who turned $1,800 into $11 million by investing in Dogwifhat (WIF) whereas it was nonetheless buying and selling beneath $0.2. Not like Von Trier, this dealer tried to paperhand his holdings however couldn’t offload his WIF tokens, main him to choose in opposition to promoting and as a substitute holding.
Meme coins proceed to supply a way for crypto merchants to make such an infinite amount of cash inside a short while. That is primarily as a result of meme cash are extra risky than the normal crypto tokens out there and will shortly go from one to 100 throughout the twinkle of an eye fixed.
For the time being, Solana and Base look to be the 2 main chains the place meme coin buying and selling is at its peak. Base, specifically, has seen a jump in its transaction volume as a result of this meme coin frenzy.
ETH value above $3,300 | Supply: ETHUSD on Tradingview.com
Featured picture from Coinpedia, chart from Tradingview.com