A large crypto investor has made significant profits, up to the tune of $300,000 from accumulating staggering amounts of GME tokens. The update has turned heads in the crypto community given the size of the profit within a short time. Meanwhile, the latest development comes amid the ongoing GME memecoin price surge, which has seen the price of the token skyrocketing over 300% in the last 24 hours.
GME Memecoin Prints Huge Returns for an Investor
In a recent report, a blockchain analyst identified AI Auntie on X, has called our attention to a transaction involving Ethereum (ETH) and Gamestop (GME) coins. According to the report, a smart whale with the wallet address ‘0x8bd…ac6a2’ made a mouthwatering profit of $300k after he opened the position on May 17. Per the data provided, the whale spent 6.12 ETH (approximately $23,000) to purchase 8.48 billion GME.
受 Roaring Kitty 再度活跃影响，以太坊网络 $GME 过去六小时上涨近 10 倍聪明钱 0x8bd…ac6a2 在 05.17 – 05.30 期间建仓的 GME 已浮盈约 30 万美金！他曾花费 6.12 $ETH (约 2.3 万美金) 买入 84.8 亿枚 GME，成本 $0.000002728，暂未转移或卖出，目前回报率高达 1346%钱包地址… https://t.co/K7U8XV0yAI pic.twitter.com/daWNnO8HAx
— Ai 姨 (@ai_9684xtpa) June 3, 2024
At the time of the transaction, the entity bought each GME token for $0.000002728 which when compared to its current price, has jumped by over 1,300%. There has been no indication as of the report’s date that the investor has transferred or sold these tokens. This implies that the investor might be clinging to the tokens in the hope that their value would increase even more.
This latest transaction underscores the highly volatile nature of memecoins and cryptocurrencies in general. The value of a token can rise significantly within a short time and can also fall as quickly. It also calls to mind that investment in these assets should be done with caution and should not be looked at as a get-rich-quick scheme.
GME Coin Price Skyrockets
Meanwhile, the price of Gamestop (GME) has increased notably over the last day. According to fresh data from CoinMarketCap, the value of GME has surged by 266% at the time of writing to trade at $0.0146.
Additionally, the activities surrounding the Solana-based token as portrayed by its trading volume have skyrocketed by 1,16% to $231.5 million. As a result, GME now has a live market cap of $100.7 million and positions as the 35th largest memecoin by market cap. GME has traded between the lows and highs of $0.003744 and $0.01606 in the last 24 hours. Ultimately, it is worth knowing that GME reached its all-time high of $0.02167 on May 15, 2024, which represents a 29.5% difference from its current price.
The post Smart Whale Makes $300k in Profits From Accumulating GME Memecoins appeared first on Coinfomania.
