- Memecoin investor walks away with a massive $450,000 in profit after betting big on a handful of new and emerging memecoins.
- The investor notably purchased memecoins like Shiba Inu (SHIB), Pepecoin (PEPE) and Dejitaru Tsuka (TSUKA).
Memecoins are some of the most talked about crypto assets in the market these days. These meme-based tokens are regarded as some of the most profitable digital currencies, as they seem to gain a lot of traction from social media hype, amongst other external factors.
Recently, a memecoin investor was fortunate enough to turn a small amount of his memecoin holdings into nearly half a million dollars. The Shiba Inu investor went from holding $38,000 worth of memecoins, to securing a staggering $450,000 after adopting an interesting strategy.
Taking to Twitter, OnchainDataNerd, a tracker dedicated to the crypto market, detailed the investor’s strategy and highlighted some notable steps the trader took, in order to gain the aforementioned profit.
This Meme Lord turns $30K to about $450K in 3 years (already move some funds out).
Let's learn its strategy🧵 pic.twitter.com/SmW2a22YFx
— The Data Nerd (@OnchainDataNerd) May 28, 2023
It is worth noting, as the OnchainDataNerd noted, that the profit was made within a three year period. However, the investor made his entrance into the crypto market around the time when memecoins like Shiba Inu (SHIB), Pepecoin (PEPE) and TSUKA were newly introduced to the market.
The largest winner for the investor was the TSUKA token. The trader bought $300 worth of TSUKA in May of 2022. The asset would go on to surge in July and the trader would later transfer gains to another wallet to hold in November. The trader made a 1000x gain, with $250,000 in profit.
The investor made a $60,000 profit from their Shiba Inu investment
In March 2021, the investor snagged $2,500 worth of ETH and made a Shiba Inu (SHIB) purchase. The investor took out profits near the asset’s peak in May. Although OnchainDataNerd speculated that the investor might have miscalculated their exit timing, they seemed to have still made a great return in profit which totaled at $60,000.
The trader also made its first PEPE purchase on the 27th of April. The asset took a mild profit on the 5th of snag after Binance, a leading crypto exchange listed it, while 14 billion PEPE was still in the investors’ wallet. The investor made $70,000 in gains.
“Sometimes it (the investor) bought and sold in a short amount of time. For example, it swapped FOUR, TURBO, and MONG after just 1 day of holding. These are usually late entries, so my guess is that he is just testing the water here.” explained OnchainDataNerd.
OnchainDataNerd conclusively advised that other investors can get into the market by finding memes and apes at a very early stage. However, he urges untreated traders to prioritize their own personal research to further
strengthen their conviction.
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