From his investment in the meme coin called $MEW

Last July, this trader bought 416.8 million MEW worth $2.42 million.

A few months later, he sold his holdings for 16,270 SOL, equivalent to $3.94 million, making a net profit of $1.52 million, according to Lookonchain data.

MEW, which appeared in March 2023 at $0.003, had seen a 200% increase to $0.009 by the time this trader sold.

The deal drew mixed reactions, with some considering the sale a smart move, while others argued that the trader could have waited for a bigger rally given the market’s bullish momentum.

On a similar note, another trader demonstrated similar skill in taking advantage of meme coins, investing just $158 in CHILLGUY and then making good returns. CHILLGUY started trading in November at $0.007 and quickly rose to $0.45.

Warning:

Despite the huge potential gains behind meme coins, these investments carry significant risks due to their reliance on temporary trends and weak intrinsic value.

Investors are advised to enter the market with caution, only invest in amounts they can afford to lose, and conduct careful research before making any investment decisions.