Crypto traders are making big gains with risky investments in new meme coins, despite recent resistance in Bitcoin and top altcoins. By putting spare capital into carefully selected low-cap altcoins, traders have seen profits of up to 10 times their initial investment.
Whales Ride The MemeCoin Wave
According to the on-chain analytics platform Spot on Chain, crypto whales made millions of dollars from a small investment in $PEPE, $WOJAK, and $AIDOGE.
$PEPE
One notable whale invested $251 in $PEPE and made approximately $1.68 million in just four days. Similarly, two different crypto whales invested approximately $2.1k and $3k in the same meme coin and bugged $1.53 million and $1.39 million respectively.
$WOJAK
The on-chain platform identified two different crypto whales that made a significant profits through $WOJAK meme coin. Interestingly, two crypto whales invested approximately $4k and $2k respectively only to bag $443k and $65k respectively.
According to market data provided by Binance-backed Coinmarketcap, $WOJAK had a market capitalization of approximately $15,767,505 and a 24-hour trading volume of about $59,424,111 on Wednesday.
$AIDOGE
ArbDoge AI (AIDOGE) is a meme coin with a market capitalization of approximately $60 million and a 24-hour trading volume of about $194 million as of Wednesday. Reportedly, a crypto whale invested $72k in the $AIDOGE and bagged about $210k in less than a day. Notably, the investor entered the trade right after news of the $AIDOGE listing on the Huobi crypto exchange.
Meanwhile, cryptocurrency traders are cautioned on such trades as most of the gains are unrealized gains and could be wiped out anytime due to the high volatility.
Source: https://coinpedia.org/altcoin/crypto-whales-make-millions-profit-through-these-new-meme-coins-pepe-wojak-aidoge/