Recent Surge In Memecoins Yields Significant Profits For Traders

The recent surge in memecoins has continued to generate substantial profits for traders. Notably, one trader has made a remarkable $1.17 million from investments in $GME and $AMC.

On May 13, following the return of @TheRoaringKitty on X, this trader spent 645 $SOL to purchase 30.8 million $GME and 327 $SOL to buy 27.6 million $AMC within 8 to 11 hours of the post.

As of now, the trader’s holdings in $GME and $AMC have skyrocketed in value to 4,536 $SOL (a 7x increase) and 4,590 $SOL (a 14x increase), respectively.

This trader is making $1.17M from #memecoins $GME and $AMC!

On May 13, the trader spent 645 $SOL to buy 30.8M $GME and 327 $SOL to buy 27.6M $AMC between 8 and 11 hours after @TheRoaringKitty posted his return on X.

Now, the trader’s $GME and $AMC holdings are worth 4,536 $SOL… pic.twitter.com/aoOhtEuqwP

— Spot On Chain (@spotonchain) May 15, 2024

Another adept trader capitalized on the memecoin frenzy, making $576,000 on $GME in less than two days. This trader, possibly inspired by @TheRoaringKitty, identified the opportunity just 8 minutes after the influential post and invested 200 $SOL ($29,000) to acquire 43.86 million $GME.

After the price surged, the trader sold 6.12 million $GME for 400 $SOL ($58,000), doubling the initial investment with 200 $SOL as realized profit.

This smart trader made $576K on $GME in less than 2 days!

This trader, possibly a fan of @TheRoaringKitty, spotted the trading opportunity 8 minutes after @TheRoaringKitty posted and spent 200 $SOL($29K) to buy 43.86M $GME.

After the price increased, he sold 6.12 $GME for 400… pic.twitter.com/WyDSbErb41

— Lookonchain (@lookonchain) May 14, 2024

When $GME’s price dipped, the trader reinvested the 200 $SOL profit to buy 4.14 million $GME at the lower price. A few hours ago, they sold 11.88 million $GME for 1,358 $SOL ($198,000), retaining 30 million $GME valued at $378,000. 

Despite a 20% decline in $GME’s price over the past 24 hours, two newly created wallets have taken advantage of the dip. These wallets withdrew 3,045 $SOL ($438,000) from Kucoin and bought 22.79 million $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($438K) from #Kucoin and bought 22.79M $GME at an average price of $0.019.https://t.co/lreWpZPdznhttps://t.co/KKi6cTY5BY pic.twitter.com/pIEvVxE8wi

— Lookonchain (@lookonchain) May 15, 2024

The recent activity in memecoins like $GME and $AMC underscores the dynamic nature of the cryptocurrency market, where timely investments and quick responses to market trends can yield significant returns.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: alfazetchronicles/123RF // Image Effects by Colorcinch

The post Recent Surge In Memecoins Yields Significant Profits For Traders appeared first on The Merkle News.