This Meme Coin Trader Made Over $1.5 Million Profit – Here’s How

TL;DR

One whale turned $2.42 million into $3.94 million marketing Cat in a Dogs World (MEW), while another turned $158 into $5.6 million with CHILLGUY, showing the high potential of profits from the first investments. However, meme coins are highly volatile and many have no intrinsic value, making thorough research and prudent investment crucial to avoid significant losses. The multimillion trade

Memecoins are extremely volatile and allow people to make substantial profits, assuming they enter in the early days and exit at the right time. One savvy trader followed this strategy, buying 416.8 million Cat in a Dogs World (MEW) tokens in July of this year. The transaction was worth about $2.42 million at the time.

Lookonchain recently revealed that the whale sold the storage for 16,270 SOL ($3.94 million), making a profit of 6,270 SOL ($1.52 million).

The cat-themed meme coin saw the light of day in March of this year and was priced around $0.003 when the trader jumped on the bandwagon. MEW is currently worth $0.009, representing a 200% increase from July levels.

The trader’s actions drew mixed reactions among X users. Some highlighted the multi-billion dollar trade, while others suggested the whale might have waited a little longer before cashing in as the market is in bullish mode.

Not long ago, another trader spent just $158 in SOL to buy 12.4 million CHILLGUY tokens. As of this writing, the stock is worth nearly $5.6 million. Remember that CHILLGUY started trading in mid-November and was worth around $0.007. It experienced an impressive rally in the following days and currently stands at approximately $0.45.

Beware of the risks

While trading meme coins can lead to substantial profits, it can also lead to crucial losses. After all, many of these assets are based on temporary trends and have no fundamental value in terms of utility or intrinsic value. This means that their prices could go south in a very short period of time.

Those about to enter the ecosystem should follow a few key rules to avoid a devastating outcome, such as investing only what they are willing to lose and doing proper research beforehand.

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