The crypto space is filled with stories of individuals who have become millionaires and billionaires by trading crypto tokens. This time, another individual has been revealed to have made $8.3 million in just six days.
How This Trader Made $8.3 Million
On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post that pseudonymous crypto trader Larp von Trier turned 0.1 ETH ($353) into $8.3 million on layer-2 network Base. He is said to have made a 23,770x profit by investing in $KEYCAT, a meme coin on Base, while it was still trading at a market cap of $2,200.
Von Trier used the $353 to buy $1.3 billion worth of $KEYCAT tokens (13.16% of the token’s total supply) and then sold 344.7 million $KEYCAT for 497 ETH ($1.75 million) through two of his wallets. The trader still holds 971.2 million $KEYCAT (9.71% of the token’s total supply) in six other wallets. These tokens are said to be currently worth about $6.64 million.
This trade looks to have been a breakthrough moment for Von Trier as Lookonchain further revealed that the pseudonymous crypto trader hadn’t had much luck investing in meme coins before now. Before buying $KEYCAT, Von Trier had purchased two other Base meme coins, $NORMIE and $NORMILIO, losing $820 and $9,700 from both trades.
Revelations about Von Trier’s profitable trade have drawn mixed feelings from members of the crypto community. Some allege that it must be some sort of insider trading, while others complimented his trading skills, considering what it takes to have invested such an amount in a meme coin with such a market cap.
Just Another Day In Crypto
Bitcoinist also recently reported about a meme coin trader who turned $1,800 into $11 million by investing in Dogwifhat (WIF) while it was still trading below $0.2. Unlike Von Trier, this trader tried to paperhand his holdings but could not offload his WIF tokens, leading him to opt against selling and instead holding.
Meme coins continue to provide a means for crypto traders to make such an enormous amount of money within a short time. This is mainly because meme coins are more volatile than the traditional crypto tokens in the market and could quickly go from one to a hundred within the twinkle of an eye.
At the moment, Solana and Base look to be the two primary chains where meme coin trading is at its peak. Base, in particular, has seen a jump in its transaction volume due to this meme coin frenzy.
ETH price above $3,300 | Source: ETHUSD on Tradingview.com
Featured image from Coinpedia, chart from Tradingview.com
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