- An investor has witnessed a huge profit from the memecoins.
- Following this investor for buying tokens may result in a loss.
The memecoin has witnessed significant growth in recent days with the arrival of new coins and has captured the attention of investors in the crypto market. Lookonchain, the on-chain data analytics platform, has reported suspicious wallet transactions, which made most of the profits on memecoins in May 2023.
According to the report, an investor has witnessed a huge profit from the memecoins. The investor has turned the 50 Ethereum (ETH) into 480 ETH by trading memecoins this May. The massive profit has caught everyone’s attention in the crypto market. This clearly shows the memecoin’s impact on the crypto market in recent days.
The Investor’s Strategy on Memecoin Trading
On May 26, the investor earned 64 ETH, which is a profit of 128x with only 0.5 ETH on memecoins. He has been a great player in memecoins. The investor used to trade every 5 minutes and used very high gas fees. Moreover, the investor must know how to write code to help them trade it.
In the case of MMVG, this investor buys the cryptocurrency immediately after the pool is created, mostly within 10 minutes. After that, he approved the token immediately after buying it so that he could sell them promptly. This is to avoid missing the best time to sell due to the requirement of approval to sell.
The investor’s transactions show that he may have set a limit price and specified the quantity to be sold at a time. He plans everything and follows it. Lookonchain also found that the investor would sell the memecoins to get his principal funds back.
Lookonchain mentioned that following this investor to buy tokens may result in a loss. However, his trading strategy is worth learning, especially for those who can write code.
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- Source: https://thenewscrypto.com/suspicious-investor-dominates-memecoins-profits-in-may-2023/