$2.5 Million From Meme Coins? One Trader Seems To Have Cracked The Code

Khyathi Dalal

October 31, 2024

On-chain analytics provider Solonchain highlighted a whale who made more than $2.5 million trading several meme coins, such as Goatseus Maximus (GOAT).

What Happened: The whale’s recent successful trades include accumulating LUCE, GOAT and FWOG, making significant profits of 533%, 1788% and 1,200%, respectively.

Solonchain highlighted the trader’s knack for identifying meme coins with the potential to reach over $200 million market capitalization and buying in early. The trader has demonstrated effective risk management, with few significant losses over the past 90 days.

Also Read: The Hottest Sectors In Crypto? AI, Memes And One Surprise, Says Veteran Analyst

Why It Matters: The success of this whale underscores the potential profitability of memecoins, despite their inherent volatility and risk. Solonchain’s tweet suggests that careful selection and risk management can yield substantial returns in this niche market.

According to pseudonymous trader Altcoin Sherpa, GOAT is likely to see a pullback to around $0.47 (the 0.50 Fibonacci level), indicating a possible breather for on-chain assets after their rally. Attention may turn toward centralized exchange coins, according to the trader.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next:

Bitcoin Meme Coins? That’s Right, Trader Says ‘Best Time To Get In’ As Dogecoin, Solana Memes Surge

Image: Shutterstock

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