An unknown investor has made a fortune of $651,000 on the SNOW memcoin after investing less than $3000.
This achievement was reported by the analytics company Lookonchain.
On January 24, 2024, the investor purchased about 387 trillion SNOW tokens, representing a significant 43.5% of the total supply. The purchase was made for just 1.31 ETH.
Shortly thereafter, the investor began selling 2 trillion SNOW tokens at a time, and eventually got sold 72 trillion tokens for 53.4 #ETH (equivalent to $119,000 USD at the time).
In just 19 hours, this trader made $651K with less than $3K on $SNOW, a gain of 220x!😱
— Lookonchain (@lookonchain) January 25, 2024
He spent 1.31 $ETH($2,931) to buy 386.94T $SNOW(43.5% of the total supply) and sold 72T $SNOW for 53.4 $ETH($119K), realizing a profit of 52.09 $ETH($116K).
He currently holds 314.9T… pic.twitter.com/hh8ORItZFB
This clever maneuver resulted in a net profit of $116,000 for the investor.
Currently, the investor still owns a sizable balance of 314.9 trillion SNOW tokens, representing 35.4% of the total supply. Thus, the investor's unrealized gain is approximately $535,000.
Interestingly, a similar case happened earlier with an unknown #trader who made a huge amount of money on the TROLL memocoin - 1.15 million dollars.
Similar things happen with trading bots. Recall, earlier we wrote a story about how a trading bot earned $1.9 million in 20 seconds.
In all these cases, traders and developers showed exceptional ingenuity and took advantage of profitable opportunities in the cryptocurrency market. Their success is a testament to the fact that there are significant profits to be made in this exciting market.
