A cryptocurrency whale has managed to turn an investment of around $2 million into more than $21 million by betting on a popular cryptocurrency linked to an artificial intelligence agent in a matter of months.
According to data from on-chain analysis service Lookonchain, the trader bought 10.6 million tokens of the decentralized artificial intelligence (AI) trading fund ai16z for $2.27 million, at an average price of $0.214 per token in November of last year.
The trader has since started moving their funds to decentralized exchange aggregator Jupiter to realize their gains. The trader has already sold $10.68 million via limit orders after registering a profit of around $19 million.
https://twitter.com/lookonchain/status/1876193458563752228
The ai16z token functions as an “AI investment DAO” (decentralized autonomous organizations), whose primary goal is to leverage AI agents for market analysis and token trading. The AI behind the fund – dubbed Marc ‘Ai’nderssen – a spoof of Andreessen Horowitz founder Marc Andreessen – will be influenced by ai16z.
The whale is seeking as leading cryptocurrency exchange Binance announced it would launch futures contracts for the token, along with others.
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
As reported, a patient cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67,000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting that memecoins are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
Featured image via Pixabay.
