Pseudonymous cryptocurrency trader Crash shared an update on his position in meme coin Brett BRETT/USD, vowing he would become the first person on X to publicly turn $15,000 into $50 million.
What Happened: The self-proclaimed “greatest predictor” publicly bought into the meme coin at a valuation of $1.6 million on Feb. 27. At the time of writing, the meme coin on Base, a Layer-2 blockchain of Coinbase, has a market cap of over $600 million.
That makes Crash’s position, who shared his wallet address, worth almost $5.4 million. However, the trader vowed to not sell his position before $50 million with the words, “I will be the first person the space has ever watched turn $15k into $50M+ dollars PUBLICLY from start to finish on a single trade.”
He described Brett as “the SHIB of this bull run and #1 memecoin on Base” and said anyone could have followed his trade between $1.6 million and $5 million market cap on the same day.
Read Also: ‘Jeo Boden’ Meme Coin Races Past $500M Mark: ‘The Chinese Love The Meme,’ Trader Claims
Why It Matters: Not everyone lauded the trader’s proverbial “diamond hands,” with one X user labelling Crash the “DogeCoin Millionaire2.0.” He cautioned that the position would reach $5 million and the trader would not sell due to his greed, eventually watching his profits disappear.
Crash clapped back at the “noobs” criticizing them, saying they would all be “in disbelief” and that BRETT would eventually reach a price of between $1 and $8 this cycle, making his position worth at least $72 million.
The trade resembles the story of “Bonk guy,” a trader that turned $16,000 into $12 million, before a 75% drawdown and another ride up again.
The unrealized profits also dwarf the realized $1.8 million profit another trader notched from dogwifhat WIF/USD.
Whether BRETT can really become the Shiba Inu SHIB/USD of this bull run remains to be seen. At Shiba Inu’s current valuation of over $16 billion, BRETT would have to trade at close to $2—another 20X increase from its current price of around $0.07.
However, considering the 100X increase over the past month and the pace of growth on Base, which added $2 billion in total value locked in 28 days, the price target does not seem all that improbable anymore.
What’s Next: The impact of meme coins on in cryptocurrency investments is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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