David Edwards
Mid-year trends in the cryptocurrency market saw the launch of thousands of new tokens. While some projects brought in big profits, others resulted in rug pulls. During this time, a savvy crypto investor made significant gains by strategically trading meme coins.
Profiting from Meme Coins
According to Lookonchain, the investor mainly focused on Toncoin (TON) and other cryptocurrencies related to the Telegram ecosystem. Despite some losses, timely trades ensured high overall profits.
One standout trade involved buying the Resistance Dog (REDO) coin. After TON’s blockchain logo was changed to REDO, a $50,500 investment grew twelvefold, earning a profit of 107,275 Solana (SOL) or $606,000, with some partial sales included.
Notable Gains
Another successful trade saw a 35-fold return from Ton Inu (TINU), resulting in a profit of 5,207 TON, or $29,400. The investor also made a 62-fold gain from Paper Plane (PLANE), a cryptocurrency claimed to oppose online censorship, earning 3,118 TON or $17,60
Investment Strategy Insights
The investor’s strategy provides valuable lessons:
- Diversifying investments across different meme coins can lead to substantial profits.
- Success relies on well-timed entry and exit points.
- High volatility in meme coins presents both great profit potential and significant risk.
Overall, the investor started with 13,207 TON (worth $74,487) across 11 meme coins, which were later sold for 128,593 TON or $725,264. This resulted in a profit of 115,387 TON or $650,782, marking an impressive 874% gain.
Despite recent fluctuations, with TON trading at $5.63 after peaking at $7, these trades yielded significant profits. However, investors should remain aware of the high risks associated with meme coins, as their volatility can lead to substantial losses.
