Memecoin Trader Turns $8,500 into $800,000, While Major Memecoins Suffer Sharp Drop

On August 1, blockchain analytics platform Lookonchain recognized a dealer who bought over 256 million CTO tokens, a Solana-based memecoin, utilizing simply 50 Solana (SOL) tokens.

On August 1, blockchain analytics platform Lookonchain recognized a dealer who bought over 256 million CTO tokens, a Solana-based memecoin, utilizing simply 50 Solana (SOL) tokens. On the time, this funding was price roughly $8,500. Lookonchain famous that this dealer was solely the third deal with to purchase the memecoin.

Inside an hour of constructing the acquisition, the dealer offered 227 million CTO tokens for 4,771 SOL, netting a revenue of about $800,000. Along with this spectacular achieve, the dealer had beforehand earned $104,000 from a $3,400 funding in one other token referred to as PFI.

Whereas some imagine this dealer is just expert at recognizing profitable memecoins, others speculate that they may have insider info, given the timing and scale of their transactions.

Regardless of these particular person successes, the broader memecoin market has seen a downturn. Over the previous week, a few of the most well-known meme tokens have skilled important worth drops. Dogecoin (DOGE) fell by 10.38%, and Pepe (PEPE) noticed a 12.74% decline. Dogwifhat (WIF) recorded the steepest drop amongst prime memecoins, plummeting by 26.79%. Different dog-themed tokens like Floki (FLOKI) and Bonk (BONK) additionally suffered losses, with declines of 13.53% and 17.63% respectively.

Shiba Inu (SHIB) exhibited some resilience, exhibiting the smallest lower among the many prime memecoins with a 6.51% drop during the last week. Nonetheless, SHIB had already endured a ten% fall in July following a safety breach on the India-based crypto trade WazirX. On July 18, hackers stole cryptocurrencies price $235 million, together with $100 million in Shiba Inu tokens. This incident possible contributed to the token’s worth decline.

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