Crypto Trader Makes $651,000 On Memecoin In Under 24 Hours For 220x Return
Portfolio Pulse from Khyathi Dalal
An anonymous trader achieved a 220x return by investing 1.31 ETH ($2,931) into the memecoin Snowman, making $651,000 in under 24 hours. The trader bought 386.94 trillion Snowman tokens, sold 72 trillion for 53.4 ETH ($119,000), and still holds 314.9 trillion tokens. The transaction led to a 90.1% price surge in SNOW over the past 24 hours.
January 25, 2024 | 3:41 pm
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NEUTRAL IMPACT
The trader used Ethereum (ETH) to trade the memecoin Snowman, resulting in significant profits and attention to the transaction. The news could increase interest in Ethereum as a platform for such trades.
While the news showcases a successful trade using Ethereum, it is more focused on the memecoin Snowman and the trader's gains rather than Ethereum itself. The impact on Ethereum's price is likely to be neutral in the short term as such trades are not uncommon in the crypto space.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50