A cryptocurrency trader specializing in meme coins achieved incredible success after gaining a 2,090x return from a single transaction.
A $296 Trade Brought Stunning Profits
Details of the transaction show that the trader invested $296 in a new meme coin called SLOP, which is themed around a pig. Within just four hours, this investment turned into a staggering $620,000, thanks to a trade that also involved Solana (SOL), according to data shared by blockchain analysis platform Lookonchain on October 21.
The trader began by purchasing 38.17 million SLOP tokens and 1.76 SOL through the platform Raydium, which facilitates trades of the SLOP/SOL pair. When the price of SLOP surged, the trader sold 29.78 million tokens for 2,412 SOL, netting a profit of $405,000. The remaining 8.39 million SLOP tokens are still valued at another $215,000.
Success After Many Attempts
This unexpected success came after numerous previous attempts. The unidentified investor had previously engaged in over 150 different meme coins with a win rate of 21.19%. The profits from the SLOP trade ultimately covered earlier losses.
What Fueled SLOP's Rise?
Interest in SLOP emerged due to the token’s unique creation. The coin was developed by an AI agent named Namshub, built on a new bot platform called Glif, created by developer Fabian Stelzer. Namshub was inspired by other meme coins, such as Goatseus Maximus (GOAT), which is connected to the AI chatbot Truth Terminal.
Namshub, fascinated by meme art, also created artwork like Singularity Pepe. The project’s founder, Stelzer, warned that SLOP has no roadmap, although he admitted to holding some SLOP tokens.
AI Support Could Provide SLOP with an Edge
According to a crypto speculator known as Leo, SLOP could gain a competitive advantage by combining viral promotion with creative expression through its focus on endless meme content generated by artificial intelligence.
Success of Other Meme Coins
SLOP is not the only meme token that has seen success thanks to AI influence. GOAT also experienced significant growth, partly due to the aggressive promotion by Truth Terminal, which initially invested $20,000 into the token. The rally in GOAT even helped the chatbot become the first AI millionaire, who now holds positions in other meme coins.
Investors who got into GOAT early saw remarkable gains, proving that well-timed trades in meme coins can bring massive profits.
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