Savvy Trader Made $2M Profit On GME Token, Here’s How Simply He Did That?
The post Savvy Trader Made $2M Profit On GME Token, Here’s How Simply He Did That? appeared first on Coinpedia Fintech News
With the continuous growth and evolution of the cryptocurrency industry, it has proven to be a profitable environment. One crypto trader managed to profit over $2 million at its peak from an initial investment of 12,110 SOL. The trader achieved this remarkable return by trading a Solana-based memecoin called GME.
Traders Net $618K Profit
According to LookonChain, a savvy trader initially bought 135 million GME tokens using 12,110 SOL (approximately $2 million) at $0.0148 each. This strategic purchase made the investor the 4th GME holder.
Following this, the trader sold 118 million GME tokens for a total of $2.33 million, at $0.01975 per token. After this sale, the trader still holds 16.94 million GME tokens, currently valued at $288,000. The total profit from these transactions stands at $618,000.
The trade occurred on June 4, with the investor’s wallet funded by Coinbase and linked to two domains. This large purchase and the resulting profit highlight the high rewards and risks in cryptocurrency investments.
Overall Profit
The trader’s total profit from these transactions stands at $618,000. However, it’s noteworthy that at the peak of GME’s price surge, his profit could have been over $2 million. This highlights the volatile nature of the cryptocurrency market and the potential for significant gains and losses.
Ultimately, being ranked as the 4th largest holder of $GME, his actions can shape market sentiment and influence future trading activities.