An anonymous trader has made $2 million in profits over the past 2 years just by buying meme coin with small investments. Here are the altcoins he trades and his timing…
Pocketed $2 million profit despite bear market
The cryptocurrency market has been feeling the power of bears for about 1.5 years. According to a new report from Lookonchain, an anonymous trader made over $2 million in profits just by purchasing meme coins during this period.
The vast majority of investors in the crypto market are making a profit after a long bear market in 2022, according to the Output Profit Ratio (SOPR), which has been rising since the beginning of 2023. However, the gains from some of these investments are quite extraordinary, as the volatility of the crypto market remains very high given the volatile environment of recent times.
SOPR is the ratio of realized value and value created for a particular cryptocurrency. This ratio basically calculates the price paid against the price sold to show whether the market is profitable in a given time period. Bitcoin SOPR is currently just under 1 which means total BTC investors are effectively profiting. The SOPR rate that this anonymous trader earned from his first two transactions is announced as 285 and 117.
To put it in perspective, his gains were extremely remarkable. However, due to the high volatility and risk levels, the cryptocurrency market always remains a risky investment area.
These altcoins made millions of dollars profit in a short time
cryptocoin.com As you follow, Pepe Coin was the meme coin project that came out last months with a 210x return. Pepe Coin is one of the meme coins that the anonymous trader has made more than 3,000 transactions in the last 2 years.
The successful trader has also accumulated the rallying PEPE meme coin after its launch this week. It currently holds 2.52 trillion PEPEs worth $816,000. He reached this level with his investment of 0.013 ETH, which equates to just $25. His investment quickly brought in 32,000x profits. While most traders struggle to get 10x returns, this trader reached millionaire status in about a week.
https://twitter.com/lookonchain/status/16489653013238333444
According to Lookonchain’s report, the trader is “really good at investing in shitcoins! He bought 2.52 trillion PEPE (currently $816) with 0.013 ETH ($25), giving him 32,000X profit. He also bought MXS with 0.5 ETH in June 2021 and sold it for 142.5 ETH in less than 30 minutes. It brought profit of 142 ETH (284x).
