A crypto trader recently flipped a $3000 crypto investment into more than $9 million within Three days. This spectacular gain shows the unlimited potential of memecoins to maximize gains in crypto investment.Â
The traderâs unbelievable 3,000% gain came from his investment in Numogram (GNON), a Solana-based meme coin â the coin was launched on Oct 17, 2024. Data from Lookonchain (an on-chain analytic company) revealed the trader bought a 56 million $GNON token using three different wallets. Currently, the trader has sold a little portion of his token after the massive profits.Â
This guy turned $3K into $9M in just 3 days, a 3000x return!He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part.He currently holds 55.18M $GNON across 4 wallets, worth more than $9M!Wallets:4zYDZFgowjRYExR4sjCmFyuu2gAxqh2agnwWGzcdtzAm⊠pic.twitter.com/CrH0wQvuyf
â Lookonchain (@lookonchain) October 20, 2024
Memecoin Turning Small Investment into Huge Profits
Memecoins ability to give massive returns to investors has been proven once again. Although they have limited utility value, they have consistently turned little investment into profits for investors.Â
Another popular recent instance is a trader who flipped a $3,000 investment in Pepe (a frog-themed memecoin) to a whopping sum of $46 million within a month. This unimaginable result has shown the high potential return that meme cryptocurrencies can bring to their investors.
GNOS Token: A Proof of Memecoin ProfitabilityÂ
Following its listing on Moonshot crypto trading platform on Oct 19 2024, the GNON token saw a massive 230% increase in price. With no clear use case and utility value, the token has managed to pull an over 200% daily increase, propelling the token to $0.1505.
How Does Memecoin Drive Profits
Memecoins lack intrinsic value and have no direct real-world use case. However, this crypto niche has thrived on strong community backing and social media visibility. Crypto traders, particularly memecoin hunters and crypto newbies looking for quick profits by riding on waves of token hype, find memecoins appealing.Â
They choose memecoin because investing in it doesnât require any trading technicality. Also, the massive, unpredictable price actions on it trading have proven to be profitable by many success stories in the crypto space.
The Impact of Memecoin on the Overall Crypto Market
Hao Yang, the head of financial product at Bybit crypto exchange expressed his concern about the rise of memecoins. According to him, memecoins are a reflection of the disillusionment of younger generations with traditional financial systems.Â
Memecoin rebellious nature in defiling odds and crossing over billion-dollar valuation has drawn in investors. These crypto traders are ready to exploit its volatility nature for profits. Although, some analysts believe it has somehow affected solid projects with real-life use cases in getting the traction, funds, and hype they need for growth.Â
The increase of memecoins like GNON and other popular ones have the ability to impact tokens like SOL, ETH, and others. This could lead to potential rallies for them due to the growth of these projects on their blockchains. Â
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