In a recent dramatic turn of events, a crypto trader known as Db3P gained significant attention after turning just $800 into $10 million. However, according to blockchain analytics firm Arkham Intelligence, the trader recently lost a substantial amount, specifically $5 million in unrealized profits. The analytics firm regularly shared updates on his trading activities on social media.
Db3P Earns a Fortune in Memecoins Within Days
#ArkhamIntelligence started tracking this trader’s success on September 17. Db3P had invested $800 (around 6 SOL) into the #memecoin🚀🚀🚀 $MOODENG shortly after its launch. Within a week, his investment skyrocketed to $400,000, marking a 500x return. This massive success quickly captured the attention of the #CryptoCommunty , with many admiring his market intuition and impeccable timing.
As $MOODENG gained popularity through viral social media campaigns and memes, Db3P’s wealth grew as well. By September 23, his portfolio had surged to $1.3 million, and just three days later, his holdings had doubled again. On September 26, the value of his $MOODENG tokens reached $3.5 million, but Db3P chose not to sell despite his significant gains, holding onto his tokens.
Memecoin Loses Momentum, Trader Suffers $5 Million Loss
The peak for $MOODENG came when it appeared on the popular show Saturday Night Live. This media spotlight drove the token’s price higher, pushing Db3P’s portfolio to an astounding $10.2 million. Despite these massive paper profits, the trader was unwilling to sell and held onto his $MOODENG holdings.
However, interest in #MOODENG soon waned, leading to a sharp decline in its price. This crash caused Db3P to lose approximately $5 million. Db3P’s story serves as a reminder of the volatility of #Memecoins🤑🤑 , which can see rapid gains, but just as quickly lose their value.
