Trader made a profit of 400 million TWD by buying ai16z coins.
Recently, the meme coin segment of cryptocurrencies has become popular, and although the volatility and risks are high, many investors are still flocking to it.
On November 18, on-chain analyst Lookonchain pointed out that a trader purchased the AI meme coin $ai16z about three weeks ago, which is currently showing a profit of 12.2 million dollars.
Lookonchain stated that he invested 33,000 dollars (about 200 $SOL) 24 days ago to purchase 30.6 million ai16z tokens. This investment has now appreciated to 12.2 million dollars (about 400 million TWD), achieving an astonishing return on investment of 371 times in less than a month.
However, since he bought in large quantities during the early issuance of $ai16z, he was also suspected by netizens of insider trading, meaning that the issuer or insiders, friends, and family bought in early, or it could be a trading bot specifically targeting new coins.
Source: Lookonchain/X Trader made a profit of 400 million TWD by buying ai16z coins 24 days ago.
Others made a fortune with scihub coins but were questioned about insider trading.
Lookonchain also monitored on November 17 that a trader spent only 108 dollars (about 0.5 $SOL) to purchase 12.77 million $scihub meme coins, which have now appreciated to 718,000 dollars, achieving a return on investment of up to 6,648 times.
Source: Lookonchain/X Trader made a fortune with scihub coins but was questioned about insider trading.
However, some netizens questioned that this might be insider trading, stating:
"If I were to launch a coin, I would also spend 108 dollars to buy in. You should label these wallets as insider trading instead of presenting it as if this is just a very simple trader."
Some netizens also pointed out the issue of insufficient liquidity, arguing that this profit may not be easily redeemed due to the lack of sufficient liquidity to cover such large profits.
At the same time, an investor shared a loss experience, stating that he had tried investing in several meme coins but lost about 8,000 dollars. It can only be said that although many people think that stories of making money with meme coins are everywhere, it is likely just a 'survivorship bias'.
Survivorship bias is a logical fallacy that occurs when people focus too much on successful cases while ignoring failures, leading to incorrect conclusions.
Recently, the meme coin segment has become popular again, and $SLERF has regained the attention of whales.
Lookonchain also pointed out recently that a whale withdrew 1 million $USDC from Coinbase and used over 1.03 million $USDC to buy 2.52 million meme coins $SLERF at an average price of 0.41 dollars.
However, the whale did not hold onto it for long. Solscan data shows that he had already liquidated everything on November 18, and currently, $SLERF has dropped to around 0.31 dollars.
Source: Lookonchain/X A whale once spent big money to purchase the meme coin $SLERF.
(Crypto City) Previously reported that $SLERF is a magical project, although it raised 50,000 $SOL in funding earlier this year and promised to inject 100% of the funds into the liquidity pool.
However, the founder of $SLERF later claimed to have 'slipped' and accidentally destroyed tokens originally reserved for airdrops along with other unrelated tokens. Since the minting authority has been revoked, it is impossible to compensate for the loss by issuing new tokens.
Although this incident caused $SLERF to soar to a high of 1.36 dollars, it quickly became submerged in the meme coin market after the event, with a current total market value of only 15.7 million dollars, ranking 323rd in the global cryptocurrency market value list.
[Disclaimer] The market has risks, and investment should be cautious. The content of this article is for reference only. Participating in meme coin investments carries significant risks, and capital may be lost entirely. Users should refer to a wider range of indicators to determine whether to invest and consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Invest at your own risk.
"Just sitting there and becoming rich! He bought 'this coin' three weeks ago and made a hundred times profit, earning 400 million TWD." This article was first published in 'Crypto City'.
