Meme coin trading has been heating up across a number of networks and a lot of crypto traders have become richer for it. Mainly, Solana meme coins continue to dominate, but other networks such as the BSC network is beginning to see an uptick in interest. One crypto trader in particular made $1.6 million in one hour trading a meme coin on the BSC network. Here’s how they did it.
Crypto Trader Makes $1.6 Million With BSC-Based Meme Coin
Large meme coin launches have been happening over the last month, with multiple memes running to tens of millions of dollars in a matter of days. This was no different in the case of the Big Pump (PUMP) token which launched on the BSC blockchain on March 25.
Taking advantage of the hype surrounding the token launch, a BNB whale used 6,000 BNB to buy into PUMP. At the time of the buy, the 6,000 BNB was worth $3.48 million, and the crypto trader received 375.4 billion PUMP tokens in return.
As the price of the PUMP coin grew over the next hour, so did the whale’s holdings, eventually crossing $5 million. According to data from Lookonchain, the crypto trader proceeded to sell 360.4 billion PUMP tokens across a number of transactions for a total of $5.08 million. Taking out their initial capital, the trader realized a $1.6 million profit from this single sale.
After $PUMP opened trading, a whale made 2,759 $BNB($1.6M) on $PUMP in less than 1 hour!
He spent a gas fee of 0.24 $BNB($138) and successfully bought 375.4B $PUMP with a cost of 6K $BNB($3.48M).
Then sold 360.4B $PUMP for 8,759 $BNB($5.08M), realizing a profit of 2,759… pic.twitter.com/8Ah6vGoqWx
— Lookonchain (@lookonchain) March 25, 2024
The crypto trader had initially left a balance of 15 billion PUMP tokens, as Lookonchain data shows. However, they proceeded to offload another 5 billion tokens, leaving their current balance at the time of this writing at 10 billion. This balance is worth $122,624 at PUMP’s current trading price of $0.00001224.
Meme Coins Lead Market Gains
Meme coins have been the leaders of this bull cycle so far with impressive run from a number of crypto coins that fall in this category. The PEPE coin had revived the meme coin movement, and then it was propelled further by the likes of Solana-based BONK and WIF which have all crossed the billion-dollar mark in the space of a year.
As the market heads further into the bull cycle, there have been other meme coins that have turned heads during this time. One of these meme coins is Book of Meme (BOME), a meme coin which got a Binance listing and crossed the $1 billion market cap mark all within a day.
Others have followed this trajectory as the likes of SLERF also ran to over $200 million in one day. The BSC-based PUMP token also crossed a $50 million market cap on its first day, signaling a growing interest in meme coins no matter the blockchain.
BNB price drops to $591 amid meme coin explosion | Source: BNBUSDT on Tradingview.com
Featured image from BSC News, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source link