Crypto Trader Transforms $1,100 into $1.62 Million in Just 20 Days

A savvy cryptocurrency trader has utilized market trends to achieve an impressive return, multiplying their investment by over 1,400 times.

Utilizing the current surge in meme coin interest, an investor managed to grow a $1,100 stake into a breathtaking $1.62 million in just 20 days, as revealed by information from Lookonchain on November 17.

Their success story began with the Solana (SOL)-tied meme coin, Urolithin A (URO), purchasing 16.44 million URO with 4.35 SOL ($768) towards the end of October.

After converting their entire meme coin portfolio into URO, their fortune surged to $572,000, marking an astonishing 714-fold increase on their initial investment.

Another profitable move was with Rifampicin (RIF), where the trader invested 1.8 SOL ($300) to acquire 11.84 million RIF. Post a market cap rise over $100 million, 1 million RIF were sold for 94,335 USDC, with the remaining 10.84 million RIF valued at $957,000 – a staggering increase of 3,503 times the initial outlay.

Together, their URO and RIF investments have accrued a total fortune exceeding $1.6 million amidst the meteoric growth of these meme cryptocurrencies, with trades conducted via the Raydium AMM against Solana.

At the moment, URO’s price stands at $0.02939 with nearly a $30 million market cap, while RIF is priced at $0.07849 with a market cap of about $78 million.

Rising meme coins’ popularity 

The increasing interest in Solana’s meme coins and the positive market climate have contributed to their swift growth.

Recent highlights by Ali Martinez suggest that meme coins with a 63.71% return outshined other market segments over a week, as seen in an X post on November 16.

Listing on exchanges like Binance results in more liquidity and market presence for such coins, often reflecting in their increased valuation.

Notably, Peanut the Squirrel (PNUT) saw its market cap boom after hitting the Binance platform, rocketing into the $1 billion valuation zone.

Insights into the recent surge of profits from meme coins indicate that some investors are seeing substantial financial gain. There is speculation that insider information, particularly about a new listing, may contribute to some of these profits.

Instances such as the trades in Goatseus Maximus (GOAT) and Daddy Tate (DADDY) have raised suspicions about the role of insider trading, as documented by Finbold.

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