Memecoin Trader Nets Millions in Profits Amid Strategic Token Moves

An anonymous memecoin trader has recently drawn attention for amassing millions in profits from several tokens, according to on-chain data shared by Lookonchain.

The trader’s gains include $2.19 million from PEPE, $1.7 million from SPX, $1.37 million from MOG, and $207,000 from WOJAK, all achieved within a relatively short timeframe.

The whale’s strategy involved taking advantage of SPX’s price jump by offloading a portion of the holdings and reallocating funds into other tokens like PEPE and WOJAK.

Records show that between December 2023 and May 2024, the trader bought 10.1 million SPX tokens for $57,000 and later sold 9.1 million of them, reaping $1.12 million from the sale while still holding some SPX worth around $636,000.

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The accumulation of PEPE began in November 2023, resulting in a current stash of 318 billion tokens across two wallets, valued at $3.24 million, with significant unrealized gains. For MOG, trading started in January, when the whale bought a large quantity and has since earned $1.37 million in profits. Meanwhile, WOJAK holdings have steadily grown since December, with an investment of $248,000 now worth $455,000.

While the reasons behind the trader’s successful bets remain unclear, the feat stands out in a market where most memecoin investors struggle to turn a profit.

Alexander Zdravkov