The recent launch of ELIZA, a meme coin, has stirred the crypto market with remarkable profits and heated controversies. According to Lookonchain, a blockchain analytics platform, one trader turned a small $1.9K investment into a massive $3.67 million in just two hours, highlighting the wild potential of meme coin trading.
A Profitable Trade in Just Hours
The trader, using the wallet address “ExYQ,” bought 89.19 million ELIZA tokens for 7.84 SOL, worth $1.9K. Within hours, they sold 49.49 million of those tokens for 7,091 SOL, or $1.72 million, while keeping 39.7 million ELIZA tokens, valued at $1.95 million.
This series of trades resulted in a remarkable 1,925x return on investment, making it one of the most talked-about trading success stories in recent times.
ELIZA isn’t the only meme coin that’s delivered huge profits. Another trader turned $33K into $12.2 million in just 24 days by trading AI16z tokens, further proving that the meme coin market can be both highly profitable and unpredictable.
A Bumpy Launch for ELIZA
However, the launch of ELIZA wasn’t all smooth sailing. Shaw, a partner at AI16z, explained that another token with the same name was launched just before their official release.
The initial launch of ELIZA was set for Monday, but a separate token with the same branding appeared first through the vvaifu.fun platform. The creators of this rogue token allegedly contributed to AI16z’s treasury and used the same branding, leading to confusion among investors.
Shaw said his team worked with the creators of the rogue ELIZA token to minimize the damage, highlighting the challenges of dealing with intellectual property in the decentralized finance (DeFi) space.
Reflecting on the situation, Shaw asked, “What would you do if someone took all your hard work and used it for their own gain?”
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Though the future of the ELIZA token remains unclear, this incident serves as a strong reminder for investors to stay cautious when dealing with new projects.
While the potential for massive gains is appealing, the risks in the meme coin market are just as high.
Source: https://coinpedia.org/news/eliza-token-launch-sparks-3-million-profit-inside-the-controversy-and-insider-frenzy/