The crypto space is full of stories of people who have become millionaires and billionaires by crypto token trading. This time, it was revealed that another person won $8.3 million in just six days.
How this trader made $8.3 million
On-chain analytics platform Lookonchain revealed in an x (formerly twitter) x.com/lookonchain/status/1775051782735163655?s=20″ rel=”nofollow” target=”_blank”>mail That pseudonymous cryptocurrency trader, Larp von Trier, turned 0.1 eth ($353) into $8.3 million on Layer 2 network foundation. He is said to have made a 23,770x profit by investing in $KEYCAT, a meme coin at the basewhile still trading at a market capitalization of $2,200.
Von Trier used the $353 to buy $1.3 billion in $KEYCAT tokens (13.16% of the total token supply) and then sold 344.7 million $KEYCAT for 497 eth ($1.75 million) through two of his wallets. The trader still has 971.2 million $KEYCAT (9.71% of the token's total supply) in six other wallets. These tokens are currently said to be worth around $6.64 million.
This trade appears to have been a big moment for Von Trier, as Lookonchain further revealed that the pseudonymous cryptocurrency trader had not had much luck investing in coins memes before now. Before purchasing $KEYCAT, Von Trier had purchased two other meme base coins, $NORMIE and $NORMILIO, losing $820 and $9,700 on both trades.
Revelations about Von Trier's profitable trading have generated mixed feelings among members of the crypto community. Some x.com/MaarsComics/status/1775112612595769646?s=20″ rel=”nofollow” target=”_blank”>plead that it must be some kind of insider trading, while others x.com/L3O_NGO/status/1775053171259539956?s=20″ rel=”nofollow” target=”_blank”>congratulated your trading skills, considering what it takes to have invested such an amount in a meme coin with such a market cap.
Just another day in crypto
Bitcoinist too recently reported about a meme coin trader who turned $1,800 into $11 million by investing in Dog hat (WIF) while still trading below $0.2. Unlike Von Trier, this trader attempted to sell his holdings but was unable to get rid of his WIF tokens, leading him to opt not to sell and instead hold.
coins memes continue to provide a means for cryptocurrency traders to make such a huge amount of money in a short time. This is mainly because meme coins are more volatile than traditional crypto tokens on the market and could quickly go from one to a hundred in the blink of an eye.
At the moment, Solana and Base They appear to be the two main chains where meme coin trading is at its peak. Base, in particular, has seen a jump in your transaction volume because of this meme coin frenzy.
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eth price above $3,300 | Source: ETHUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
