Here is How a Memecoin Trader Turns $9,775 to $10m in 24 hours

A memecoin trader invested $9,775 and made $10 million in 24 hours. They bought $GUMMY before it went live and held until the investment yielded seven figures. The asset gave them 1,205x in a single trade.

This action sparked a lot of debate in the community as many were curious about how they got the signal to buy. While many use bots to facilitate new trades and quickly buy new coins, other actions refuted claims of bots’ involvement.

Per on-chain data, the trader withdrew the coin he used for the transaction a few minutes to the purchase. As such, top analysts alleged it was an insider trade or leak. One said on X “It is %100 insiders based on metadata, as snipers already have accounts loaded – Scam team.” Another posted, “100% insider timing too clean Wallet dispersal is to create an illusion of distribution.”

Memecoins on the Rise

The cryptocurrency market is currently in an upswing, with Bitcoin approaching the $66,000 mark. Meme coins are expected to be big winners, the recent gains of PEPE, FLOKI, BONK, and others on Sunday saw increases of 20-45%.

However, it’s not just the coins that have already reached billion-dollar valuations that are worth investing in, as their price has already increased by tens of thousands of percent.

Meme coins have become increasingly tempting for investors as they offer the possibility of profits that would be difficult to achieve with other asset classes. As such, there are a lot of rugpulls going on in this trading sector.

Last month, ZachXBT exposed several such tokens as scams. He asserted that these projects raised over 655,000 solana which was $122.5m at the time. As per the analysis he shared, most or all of these projects failed as their admins pulled an exit.

Solana is seeing a huge surge in its ecosystem usage as several developers launch several memecoin on the platform. With ongoing trends, the ecosystem is set to house more.