The crypto trading industry is growing exponentially, as the bull’s dominance is pushing cryptos these days. These bulls wave and the crypto investors making significant returns are part of the ongoing Uptober crypto market rally. Interestingly, this began with the Bitcoin price surge, which pushed the user’s sentiments toward greed, favoring ongoing surges. More importantly, the meme-themed cryptocurrencies began following an uptrend. As a result, one memecoin investor turned $296 into $620K in Slop within just four hours.

The crypto market has been up since the last few days, boosting these cryptos to deliver the highest gains. However, it is uncertain how long it will last before a downtrend or bull market begins. Regardless, the current gains have offered many profiting opportunities, where another crypto trader made 3M with just $96, hinting at the perfect timing for crypto trading.

Crypto Trading Made $620K From $296 In 4 Hours

This tale of a profitable crypto trading event began with the memecoin investor investing $296 to buy a less popular memecoin Slop. He spent 1.76 SOL, equivalent to $296, to buy 38.17M $slop and sold them within four hours to gain heavy returns. He dumped a major portion of the total holding token, where he sold 29.78M tokens for 2,412 $SOL worth $405K, which was an impressive increase in such a short space. The investor still holds 8.39M tokens, making an additional $215K.

This #MEMEcoin hunter turned $296 into $620K in just 4 hours, a 2,090x return!

He spent 1.76 $SOL($296) to buy 38.17M $slop and sold 29.78M $slop for 2,412 $SOL($405K), leaving 8.39M $slop($215K).

This trader traded over 150 #MEMEcoins with a win rate of only 21.19%, but the… pic.twitter.com/PjzGtl6zhQ

— Lookonchain (@lookonchain) October 21, 2024

This experience came to attention when Lookonchain, a popular analytics platform, posted on X, calling the trader a Memecoin hunter. Interestingly, the post also revealed that the memecoin investor has traded in more than 150 meme-themed cryptocurrencies. However, the win rate is not that impressive, presently at 21.19%, indicating frequent losses. However, with this token surge and making $620K in four hours, he has covered all the previous losses with these new gains.

Now, with the ongoing Bitcoin price rally and the user’s sentiments exhibiting gree, the gains might rise for the investor as well.

How Is Slop Token Performing Today?

Slop is among the newest Solana tokens launched on the popular memecoin launcher pump.fun, and has already caught traders’ attention, including this Memecoin investor, who began crypto trading in this token when its worth was just $0.00000775. However, the same has grown drastically since then, gaining 20,890% in the last 24 hours. It is currently valued at $0.01431 with $18.86M in market capitalization and still growing, per Gecko Terminal charts.

The continuous surge and the 24-hour trading volume stats of $100.9M indicate the token’s strong demand. Moreover, 6.28K people holding this token is another prominent indication of its high demand.

What’s In There For You?

The addition of new Solana meme coins is a growing opportunity for investors, thanks to their heavy demand. Since the beginning of the year, these Solana-based ones have dominated others in popularity and gains. And the same might happen for this new token based on its ongoing demand. However, as it is new to the market, volatility, and uncertainty coexist with the token. It creates additional barriers and concerns in crypto trading, especially for new users. Regardless, a few, including this memecoin investor, took this risk and bagged heavy again within a few hours after analyzing the trends along with entering and exiting the trade at the right time.

The post Here’s How Memecoin Investor Turned $296 Into $620K in 4Hrs appeared first on CoinGape.

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Filed under: News - @ October 21, 2024 8:25 am