With the growing number of assets flooding the cryptocurrency sector, many of them can provide significant profit for a savvy trader who can time their trades right, as one of these crypto traders recently demonstrated through not just one, but multiple trades of meme coins.
In fact, this particular crypto investor has oriented to meme coins, mainly those related to the Toncoin (TON) and Telegram ecosystem, trading 11 meme coins with a win rate of 54.5% and a total profit of 115,387 TON, according to the data shared by Lookonchain on August 26.
Crypto trader’s profit analysis. Source: Lookonchain
Meme coins traded
Specifically, among the coins this individual traded is Resistance Dog (REDO), of which they sold 881,000 for a profit of 107,275 Solana (SOL) or $606,000, indicating a 12-times return from the invested $50,500, as they profited from the 200% surge after the TON blockchain logo changed to REDO.
As it happens, the logo change to that of Resistance Dog, based on Telegram founder Pavel Durov’s hand-drawn character representing digital resistance against censorship, took place in solidarity with the TON community after French police arrested Durov for allegedly facilitating criminal activities on the network.
REDO/TON price chart. Source: Lookonchain
At the same time, this trader also made 5,207 TON or $29,400 for a 35-times return on the TON network’s versatile utility token Ton Inu (TINU), as well as making 3,118 TON or $17,600 or a 62-times return on Paper Plane (PLANE), the community token representing resistance against online censorship.
How much did the crypto trader profit?
Ultimately, this crypto trader had originally invested 13,207 TON to purchase these 11 meme coins, which at the current prices equals $74,487.48, in total, and later sold them in the amount of 128,593 TON or $725,264.52, achieving a profit of 115,387 TON or $650,782.68 or 874%.
Indeed, Toncoin was at press time changing hands at the price of $5.64, reflecting an increase of 1.30% on the day, having declined 16.49% across the past week, and accumulating a loss of 16.17% on its monthly chart, according to the most recent CoinMarketCap data.
TON price 24-hour chart. Source: CoinMarketCap
All things considered, this particular trader has managed to take a massive profit from their careful actions in trading the above meme coins. However, extreme caution is necessary when trying to mimic such trades and invest in meme coins, as these tokens can fluctuate wildly in their price.
