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- An investor has experienced substantial gains from the memecoins.
- Emulating this investor’s token purchases may lead to financial losses.
The memecoin sector has seen notable expansion in recent days with the introduction of new coins, attracting the interest of investors in the cryptocurrency market. Lookonchain, an on-chain data analytics service, has reported unusual wallet activities, which contributed to the majority of profits from memecoins in May 2023.
1/ This individual transformed 50 $ETH into 480 $ETH by trading #MEME coins in May.
And just today, he gained 64 $ETH (128x) with only 0.5 $ETH on #MMVG.
Here is a thread detailing his trading strategy that you cannot overlook.pic.twitter.com/PaAO4ndewA
— Lookonchain (@lookonchain) May 26, 2023
pic.twitter.com/PaAO4ndewAThe report indicates that an investor has realized significant profits from memecoins. This investor converted 50 Ethereum (ETH) into 480 ETH through memecoin trading this May. The remarkable profit has garnered widespread attention in the cryptocurrency market, highlighting the recent influence of memecoins.
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The Investor’s Approach to Memecoin Trading
On May 26, the investor achieved a profit of 64 ETH, representing a 128x return with just 0.5 ETH invested in memecoins. He has proven to be a skilled participant in the memecoin arena. The investor engaged in trading every 5 minutes and incurred very high gas fees. Additionally, it is essential for the investor to possess coding skills to facilitate their trading activities.
In the case of MMVG, this investor purchases the cryptocurrency immediately after the pool is established, typically within 10 minutes. Subsequently, he approves the token right after acquiring it to enable prompt selling. This strategy is designed to prevent missing the optimal selling time due to the necessity of approval for selling.
The investor’s transactions suggest that he may have established a limit price and defined the quantity to be sold at once. He meticulously plans and adheres to his strategy. Lookonchain also noted that the investor tends to sell the memecoins to recover his initial capital.
Lookonchain cautioned that following this investor’s lead in purchasing tokens could result in losses. Nonetheless, his trading strategy is valuable to learn, particularly for those with coding capabilities.
