Crypto Trader Nets Millions with Shitcoins and Meme Coins

SNEAK PEEK

• Anonymous trader makes $2 million profit trading over 3,000 shitcoins.
• SOPR allows investors to turn a profit in the 2023 crypto bull run.
• Traders make huge profits with MXC and PEPE meme coins.

According to on-chain data, over 3,000 shitcoins were traded in the last two years by the anonymous trader, with a net recognized profit of over $2 million. The trader also amassed  Pepe Coin, which saw a sharp increase in value upon its inception this week. With just 0.013 ETH, presently worth $25, the trader purchased 2.52 trillion PEPE, making a 32,000X profit. 

1/ This guy is really good at trading shitcoins!

He bought 2.52T $PEPE($816K currently) with 0.013 $ETH($25), which made him a 32,000X profit.

He has traded 3,000+ shitcoins in the past 2+ years and probably realized ~$2M in profit.

Here are partially profitable tokens. pic.twitter.com/dKzoK4xK4h

— Lookonchain (@lookonchain) April 20, 2023

While most cryptocurrency traders find it challenging to get ten times the profits, one trader achieved over ten times the profits on 15 tokens, despite representing the smallest profit ratio. After a long bear run in 2022, the Spent Output Profit Ratio (SOPR) increased to a level that allowed investors in the entire market. It helped to turn a profit due to the crypto bill run that began at the beginning of 2023. 

However, given the recent market volatility, the profits made by this trader are uncommon. The investor’s purchase of Machine Exchange Coin (MXC), a blockchain-based data trading currency, would be another illustration. The blockchain tracking tool discovered that they purchased MXC in June 2021 using 0.5 ETH and sold them for 142.5 ETH only 30 minutes later, for a 284x profit.

Notably, a trader who also made enormous profits from trading in PEPE was recently revealed. The successful trader turned 251 into a potential profit of more than $1 million, increasing unrealized gains by 454,083%.

In conclusion, the token security detection platform GoPlus Labs claims some honeypot risks are connected to trading PEPE. The risks include an anti-whale measure restricting the number of tokens bought simultaneously. Moreover, the flexibility of said measure and a blocklist that can prevent specific users from purchasing the token are also part of the risk.

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• Source: https://investorbites.com/crypto-trader-nets-millions-with-shitcoins-and-meme-coins/