Trader Made Millions of Dollars Thanks to Two Memecoins
One investor made a million dollars by buying just before the meme coin market took off.
According to data from blockchain analysis platform Spot On Chain, a trader purchased two meme coins within the first 11 hours after Roaring Kitty tweeted.
The investor spent 645 Solana (SOL) to buy 30.8 million in GME token using GameStop's (GME) code on the exchange. He then purchased 27.6 million units in exchange for 327 Solana from AMC, which used the same code as AMC Entertainment (AMC).
GME and AMC tokens have no direct connection to GameStop or AMC Entertainment. Both took flight after Roaring Kitty, who led the GameStop and AMC craze in 2021, broke her silence after three years.
According to CoinGecko data, GME, one of the most popular altcoins this week, gained 3,610% in value in just seven days.
According to Spot On Chain data, the value of GMEs in the investor's wallet increased sevenfold to 4,536 Solana; The value of AMCs increased fourteenfold to 4,590 Solana. The trader made a total profit of $1.17 million from two meme coins.