A cryptocurrency trader has managed to turn around $16,600 into over $1.6 million using a meme-inspired cryptocurrency that has recently been listed on leading cryptocurrency exchange Binance, with the listing helping their holdings grow.
According to data shared by blockchain analytics firm Arkham Intelligence, the cryptocurrency trader spent around 5 Ether (ETH) to buy the meme-inspired cryptocurrency Neiro within its first two days.
The trader then held onto their funds for eight weeks, before the cryptocurrency was listed on Binance. The listing helped their holdings surge to over seven figures.
This trader turned $16.5K into $1.8 MILLION on NeiroTrader 0x6ac bought around 5 ETH of Neiro within the first 2 days of its existence.He held for 8 weeks before Binance announced its listing today – sending his holdings over the 7-figure mark.That’s over 100x. pic.twitter.com/5SEF6HDmpK
— Arkham (@ArkhamIntel) September 16, 2024
The meme-inspired cryptocurrency’s price surged after the token, which deems itself the “little sister of Doge” was listed on leading cryptocurrency exchange Binance. The listing boosted the token’s liquidity and accessibility, likely leading to the price rise.
Some on the microblogging platform X (formerly known as Twitter) have taken to the platform to point out that the trader who saw their holdings surge was likely an insider. One user, Crypto Apprenti, said that “someone” knew about the listings one day in advance.
币安老鼠仓真6。@binance so corruption now, someone know they gonna list 15m MC token one day before. @SECGov @GaryGensler pic.twitter.com/IrPcGdhF3O
— Dr.Hash“Wesley” (@CryptoApprenti1) September 16, 2024
It’s not uncommon for traders to see wild swings when dealing with volatile digital assets. As covered, a cryptocurrency trader has managed to, through the purchase of a meme-inspired cryptocurrency that was launched after a viral trend on TikTok, turn around $80,000 into over $1.2 million, before losing nearly all of his gains.
That trader invested $80,000 into the meme-inspired cryptocurrency AURA three weeks after it was launched, using a different account. The trader’s holding quickly surged to surpass $1.22 million, as AURA’s market capitalization surged to $75 million. However, the cryptocurrency market then started correcting, and the value of their holdings plunged back to around $91,000.
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
Featured image via Unsplash.
