20 days of assets skyrocketing a thousand times!
Driven by the surge in Bitcoin ($BTC), the entire market has recently rebounded, and as the market improves, it is inevitable to see a large number of investors starting to look for various brand new opportunities in the primary market.
Among them, the highest risk and the most considerable rewards likely come from meme coins. According to data provided by crypto analyst Ali Martinez, meme coins have far outperformed the market average in recent weeks. Just considering mainstream meme coins, the return rate over the past week reached 63.71%.
Today, we will discuss the common wealth stories seen in the meme coin frenzy. According to on-chain data analytics company Lookonchain's tweet, they observed a trader who, in just 20 days, turned $1,100 into over $1.62 million by leveraging 2 types of meme coins, successfully achieving financial freedom.
Trader becomes wealthy by buying 'these 2 coins'
According to Lookonchain data, this trader purchased 16.44 million meme coins Urolithin A ($URO) on the Solana chain about 20 days ago at a price of 4.35 $SOL (about $768). Initially, it seemed like just a trial, but as the price of $URO continued to rise, he later chose to exchange all his meme coin assets for $URO.
Image source: X Lookonchain data
As of the observation by Lookonchain, he personally holds about 16.78 million $URO tokens, which are valued at $572,000 after the price of $URO continues to rise, achieving nearly 714 times the profit.
His successful momentum continues. Just 16 days ago, when another meme coin Rifampin ($RIF) reached a market cap of $100 million, he again invested 1.8 $SOL (about $300) to purchase 11.84 million $RIF.
Image source: X Lookonchain data
As the coin prices skyrocketed, he quickly implemented a partial profit-taking strategy, selling 1 million $RIF at a price of 94,335 $USDC, while retaining the remaining 10.84 million tokens. As of now, the market value of the remaining tokens has reached an impressive $957,000, with total returns hitting an astonishing 3,503 times.
Combining the profits from $URO and $RIF, this trader turned an initial investment of $1,100 into $1,620,000 in just 20 days.
Fortunate or 'insider trading'?
However, similar stories have always been controversial, as many people question whether these wealth stories from meme coins may result from some form of insider trading. Previously, coins like Goatseus Maximus ($GOAT) and Daddy Tate ($DADDY) had multiple suspected insider trading cases reported.
Setting aside the controversy of 'insider trading', this trader's success is not something everyone can replicate. Although the meme coin market seems to create many wealth myths, the success stories are largely influenced by the 'survivorship bias'.
In the crypto community, people on social media often report good news and not bad news. Perhaps the trader succeeded in making money on $URO and $RIF, but it is also very likely that he suffered significant losses on various already dead meme coins.
Moreover, the value of meme coins still comes from social media hype and market sentiment rather than actual applications, and the risks remain very high. Investors should assess their risk tolerance to avoid losing all their assets due to a single bad bet.
[Disclaimer] The market has risks, and investments should be made cautiously. This article does not constitute investment advice; the analyst's views are for reference only. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situations. Invest at your own risk.
The article '20 days of assets skyrocketing a thousand times! Trader makes $1.62 million from buying 'these 2 coins' with $1,000' was first published on 'Crypto City'.
