This Trader Netted Over $5M With 4 Different Meme Coins: Here's How

Lookonchain analysis has spotlighted a crypto trader who made millions trading Pepe (CRYPTO: PEPE), Mog Coin (CRYPTO: MOG), SPX6900 (CRYPTO: SPX) and Wojak (CRYPTO: WOJAK).

What Happened: The trader's biggest win came from trading PEPE, bringing in $2.19 million. They also earned $1.7 million from SPX, $1.37 million from MOG and $207,000 from WOJAK.

On-chain data shows the trader acquired 10.1 million SPX between December 2023 and May 2024 for $57,000 and later sold 9.1 million SPX for $1.12 million, realizing a $1.7 million profit. In addition, they currently hold 318 billion PEPE, worth $3.24 million, with $2.19 million in unrealized gains.

The trader also bought 802.4 billion MOG for $194,000 and sold part of the holding for $278,000. Their remaining MOG holdings, valued at $1.29 million, have generated an additional $1.37 million in profit.

Also Read: Whale Trader Was Down $4.44M On ‘Shiba Inu Killer’ Dogwifhat—Here’s How They Turned It Into A Profit

Why It Matters: The trader’s strategy of buying low and selling high has proven successful, particularly with the rise in SPX. The trader’s ability to diversify their portfolio and make significant profits on multiple cryptocurrencies underscores the potential profitability of savvy trading in the volatile crypto market.

With a 10% gain over the past seven days, Scient, a crypto trader, pointed out that Pepe could soon see significant movement, potentially creating more opportunities for profit.

$PEPE

I think we are almost there.

We either see a big breakout soon or a failed breakout attempt that sends us lower, but we see a decision soon. https://t.co/QU64xas2Pu pic.twitter.com/tajXc6U3rp

— Scient (@Crypto_Scient) October 16, 2024

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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