GameStop Meme Coin Prints Millionaires: One Trader Up $2.8M, Another $1.4M

Zinger Key Points
  • An investor made a 52x gain, turning $53,500 into $2.86M, highlighted as a "diamond hand" success.
  • Another trader profited $1.4M converting 12,110 SOL tokens, underscoring the high-risk, high-reward nature of meme coin investing.

The GameStop GME/USD meme coin netted traders significant profits ahead of the much-anticipated Roaring Kitty livestream.

What Happened: Lookonchain data flagged an investor making a 52x gain worth $2.8 million, earning himself the label “diamond hand” in the process.

The investor initially spent $53,500 to purchase 90.23 million coins on January 29 and April 3. Their current value has surged to $2.86 million.

Another trader, the fourth largest holder of GME, used 12,110 Solana SOL/USD tokens, valued at $2 million, to acquire 135 million GME coins, resulting in an unrealized profit of $1.4 million.

Also Read: Can Bitcoin Push Beyond $80K? Why This Trader Thinks ‘It’s Time’

Why It Matters: The significant gains reported by the investors underscore the volatile yet potentially lucrative nature of investing in meme coins. The GME stock has been a focal point of retail investor interest since early 2021, driven by communities on platforms like Reddit/WallStreetBets.

Hsaka Trades noted the huge audience, at the time of writing 57,000 people, waiting for Roaring Kitty's livestream.

Meanwhile, The Bitcoin Therapist highlighted an interview with the Robinhood CEO ahead of the livestream, stating in his tweet that "The CEO of Robinhood is telling you to trade meme stocks."

What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin, Ethereum, Dogecoin Headed For ‘Complete Sideways’ Until CPI, FOMC Data Next Wednesday, Says Trader

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsTop StoriesMemeCoins
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...