An unknown trader made $651,000 using only 1.31 ETH, worth $2,931, to buy Snowman, a memecoin launched on the Ethereum blockchain.
What Happened: An unidentified trader spent 1.31 Ether ETH/USD to purchase 386.94 trillion tokens of the Snowman memecoin, accounting for 43.5% of the total supply. The trader then sold 72 trillion SNOW for 53.4 Ethereum tokens worth $119,000.
The transaction not only resulted in a $116,000 profit (or 52.09 ETH), but also left the trader with 314.9 trillion SNOW (35.4% of the total supply), bringing the unrealized profit to $535,000. This amounts to a 220x return on the initial investment.
In just 19 hours, this trader made $651K with less than $3K on $SNOW, a gain of 220x!😱
— Lookonchain (@lookonchain) January 25, 2024
He spent 1.31 $ETH($2,931) to buy 386.94T $SNOW(43.5% of the total supply) and sold 72T $SNOW for 53.4 $ETH($119K), realizing a profit of 52.09 $ETH($116K).
He currently holds 314.9T… pic.twitter.com/hh8ORItZFB
Why It Matters: This transaction attracted significant attention to the meme coin SNOW, leading to a 90.1% price surge in the past 24 hours of trading.
Fans of the newly-launched token are bullish, with an X user tweeting “SNOW is unstoppable. Buy now $200M mCap is coming soon.”
In another post on X, he highlights, “So we are super bullish on #SNOWman (#SNOW).”
This is not the first time a trader has earned significant gains within a short period trading on a newly launched memecoin. However, it is important to note that traders should remain cautious when aiming for quick riches trading these tokens.
Photo: Shutterstock
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