As the cryptocurrency industry continues to evolve, its assets can offer massive profit opportunities for crypto traders carefully timing their transactions, as illustrated in the example of one such crypto investor making nearly $60,000 in mere hours trading meme coins.
Specifically, this particular trader first spent 3,271 Toncoin (TON) worth $18,400 to buy 55.9 million Dogs (DOGS), a community-driven meme token representing a popular dog mascot originally created by Telegram founder Pavel Durov, according to the data shared by Lookonchain in an X post on August 26.
Then, as the platform monitoring notable trades on the blockchain observed, this individual sold 20 million DOGS for 6,150 TON worth $34,600 and deposited the remaining 35.9 million DOGS to a centralized crypto exchange, making a profit of $77,300 or +420%.
It is also worth noting that the above trades took place over the course of just two hours, starting when DOGS was available on a decentralized crypto exchange, STON.fi, at the low price of $0.00013, and before the token’s listing on the centralized crypto exchange KuCoin.
As a reminder, meme coins like DOGS have stood out in the 2023 and 2024 bull rallies, attracting large following thanks to memes and celebrities, but often without providing clear value, with some of the more notable celebrity-based coins including Andrew Tate’s DADDY and Iggy Azalea’s MOTHER.
On the other hand, Telegram-related coins have recently soared in popularity and trade volumes due to French authorities’ arrest of the renowned messaging app’s billionaire founder and CEO on the charges of allegedly facilitating criminal activities on the platform, as Finbold reported earlier.
DOGS price analysis
Meanwhile, the Dogs token was at press time changing hands at the price of $0.001198, suggesting a decline of 26.18% on its daily chart and a 20% decrease from the price at which the trader sold their tokens, according to the most recent data retrieved from DEX screener on August 27.
All things considered, the above crypto trader managed to time the market to their advantage, reaping significant profits. That said, extreme caution and doing one’s own research are critical when trading any asset, especially meme coins, as such tokens can fluctuate massively in the crypto market.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/crypto-trader-turns-18k-into-77k-in-2-hours/