Crypto trader misses out on $17.5 million return from $1,000 investment
The post Crypto trader misses out on $17.5 million return from $1,000 investment appeared on BitcoinEthereumNews.com.
Trading meme coins is risky and requires a well-timed execution of trades to make profits. However, one investor may have opted out of their First Neiro (NEIRO) involvement way too early, missing out on significant profits. To be specific, the trader, who initially swapped 0.32 ETH (worth $1,000 at the time) for 8.41 billion NEIRO tokens, exited the position for a significant gain but missed out on a much larger windfall by selling too early, according to data by Lookonchain on October 12. This transaction occurred on Uniswap, a decentralized exchange (DEX) built on the Ethereum (ETH) blockchain. Following the purchase, after a sharp price increase, the investor cashed out by swapping their 8.41 billion Neiro back to 9.98 ETH, worth $32,400 at the time. This exit represented a 30x return on the original investment—a remarkable profit by most standards. First Neiro price chart. Source: Lookonchain However, after the sale, the price of Neiro surged even further. If the trader had held on to their 8.41 billion NEIRO, its value today would have skyrocketed to an astonishing $17.5 million, representing a 16,690x return on the initial $1,000 investment. NEIRO’s sustained profitability It’s worth noting that First Neiro has witnessed notable momentum in recent weeks, translating to significant profits for some early investors. For instance, Finbold reported back in September that an unidentified trader turned $16,000 into $1.8 million in eight weeks. The token, launched in early August, received a massive boost after cryptocurrency exchange Binance announced the listing of the spot version on September 16. Indeed, NEIRO adds to the growing number of meme coins that have emerged recently, hoping to emulate successful projects such as Dogecoin (DOGE). Notably, NEIRO was inspired by Neiro, a Shiba Inu (SHIB) dog linked to Kabosu, the Dogecoin mascot that passed away in May.…
Filed under: News - @ October 12, 2024 4:17 pm