A Twitter post recently captured the story of a meme coin trader who made a surprising bet on a $1,548 investment in Shoggoth, turning it into over $1 million in less than a month.
According to transaction data on Solana's blockchain, the trader entered with a modest $96,000 market cap, at which the token's obscurity would likely have deterred most investors.
Yet his timing was impeccable, and within 24 days, his initial bet soared, mirroring the meteoric rise that meme coins have been experiencing recently.
This guy bought $1,548 $Shoggoth bout 24 days ago.
— Kakashi (@kkashi_yt) November 12, 2024https://t.co/clEvhwnIyD pic.twitter.com/3TwiNlUGWz
This success story isn't a lone incident. In fact, the same trader has shared details of another meme coin win, claiming $315,000 in profit from $Shoggoth, $313,300 from $GOAT, and another $136,000 from $LUCE.
Perhaps most astonishing was his purchase of $17 worth of $PNUT, which he later sold for an incredible $756,200 after the token's valuation skyrocketed, exceeding a $1 billion market cap.
The same guy
— Kakashi (@kkashi_yt) November 12, 2024
$315,000 profit on $Shoggoth
$313,300 profit $GOAT
$136,000 in profit on $LUCE
Also made $103,200 profit on $Forest
While some commenters speculate that insider knowledge is driving these gains, this windfall speaks to a broader trend of high returns within the meme coin sector, with numerous coins rallying on a mix of hype, community engagement, and opportunistic timing.
Inside the Meme Coin Boom: Who is the Next Trader to Bet?
The surge in meme coin popularity is influenced by several factors beyond sheer luck.
With the U.S. presidential election ending, market speculation and retail enthusiasm are reaching new heights.
Former President Donald Trump's pro-crypto stance and widespread influence have boosted politically themed and community-driven coins.
During election seasons, meme coins benefit from retail trading activity fueled by heightened speculation, creating a wave of fast-trading, short-term investments.
Dogecoin and Shiba Inu once captured investors’ imaginations with their catchy names and internet appeal.
Newer meme coins like $PNUT and $Shoggoth are capitalizing on the moment, drawing even more attention and capital inflows as their market caps explode.
This rally isn't purely a result of speculative betting. The boom in meme coins has also been influenced by the price of Bitcoin, which recently broke a new ATH of $92,000.
Additionally, market analysts observe that meme coins, while risky, create an entry point for retail investors looking to engage in the crypto market at accessible price points.
The New Meme Coin on Traders' Radars: Could This Perform More than $Shoggoth?
While traders are capitalizing on tokens like $Shoggoth, $PNUT, and $LUCE, another promising meme coin, Crypto All Stars (CAS), is quietly catching the attention of investors.
It combines the community-driven appeal of coins like Dogecoin with an innovative focus on real-world utility, distinguishing it from typical speculative plays.
Unlike other meme coins that thrive solely on hype, CAS is building a reputation among investors for its commitment to sustained value and use cases.
While $PNUT may have surpassed a $1 billion market cap, some traders are also eyeing CAS as a fresh opportunity to enter the ground floor of a high-potential token.
CAS’s unique positioning as both a meme coin and a utility-driven asset has led to some predictions suggesting it could see exponential growth, even projecting gains that could rival the explosive returns seen in recent stories.
Evidence of this is its presale, which has raised $3.5M out of the $37M just within a few days, with 1 CAS going for a discounted $0.0015618
For those who profited from $Shoggoth or $LUCE's recent spikes, CAS offers a way to diversify into a meme coin designed to last beyond short-term rallies.
For new investors, with the current momentum in the meme coin market, CAS could be the very next token to rally as investors increasingly look for assets that offer both a strong community foundation and a roadmap for future growth.
Interested investors are urged to buy now at a steal price before the presale ends, which is ending soon.
The post One Meme Coin Bet Turns $1,548 Into Over $1 Million – How Did This Trader Do It? appeared first on Cryptonews.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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