A trader one-upped the already astounding rags-to-riches stories in the crypto space by turning $876 into almost $1.2 million in only 91 days of on-chain trading in its holdings with a mixed token portfolio.
What Happened: On-chain analytics data from Reflection revealed the wallet that has achieving a remarkable 57.4%-win rate in achieving this feat.
The wallet's profits came from trading little-known tokens:
- A token named LILA, acquired right after the launch, yielded the first $225,064.21 in profit.
- CRE, a wallet-themed token, netted $361,313.82 since its acquisition in November.
- RSTK, a staking token, brought in $223,689.21 in profit.
- GPU, an AI-themed token, has brought in $196,576.03 since the wallet acquired it on Feb.25.
- Finally, VRD yielded $187,312.42 in profit.
This amounts to total realized profits of over $1 million, with another $310,000 in unrealized profits.
Read Next: GameStop, Dogwifhat And 'Dogecoin Killers' - How Memecoins Teach 'Skill To Succeed' In Crypto
Why It Matters: It was not immediately clear whether all the profits were achieved through "fair play."
Some replies to the success story suspect insider information, while others question whether it is an influencer wallet leveraging a big audience.
Rags-to-riches stories as this are not uncommon, with a recent example being an Nvidia-themed memecoin generating a 210-times return.
Other memecoins, such as the MAGA Memecoin CRYPTO: TRUMP), have seen significant gains due to current events. This specific memecoin also helped former President Donald Trump's crypto portfolio to handsome profits.
More established coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD have thus far not been able to keep up with the growth of their new rivals but remain well ahead in market capitalization.
However, traders exercise caution when trading these coins.
Memecoins, in particular, are known to be a breeding ground for rug pulls, a common cryptocurrency scam.
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