Zinger Key Points
- Trader turns $3,540 into $1.88M with Michi investment, showcasing patience and strategic decision-making in meme coin trading.
- Meme coins like Popcat and MEW see substantial returns; traders highlight WIF, MICHI, PUPS, WZRD, and BODEN as potential plays.
- Get New Picks of the Market's Top Stocks
Michi MICHI/USD, a new cat-themed meme coin on Solana SOL/USD, has the crypto community buzzing about its prospects.
What Happened: Lookonchain data highlighted a trader’s journey from investing $3,540 to earning $1.88 million, emphasizing the importance of patience in trading. The trader initially invested 20 SOL, equivalent to $3,540, to purchase 5.62 million MICHI on April 8. The following day, the price of MICHI surged nearly 80 times its original value. Despite the significant increase, the trader decided against selling his holdings.
It was not until a week ago that the trader began to sell his MICHI. He sold a total of 1.75 million for 3,570 SOL, around $538,000, and still has 3.87 million MICHI left, valued $1.35 million. In total, the trader made $1.88 million from his investment, a 533x gain.
A quick look at the other catcoins, dogcoins performance in one month:
| Cryptocurrency | Month-Over-Month Return |
| Dogecoin DOGE/USD | -6.5% |
| Shiba Inu SHIB/USD | +2.3% |
| Popcat POPCAT/USD | 246.5% |
| cat in a dogs world MEW/USD | 48.9% |
The trader’s decision underscores the importance of patience and strategic decision-making in trading, particularly in the volatile cryptocurrency market.
Also Read: Crypto Expert Reveals How To Find ‘High-Risk High Reward’ Meme Coins
Why It Matters: Michi is a novel meme-based token on the Solana blockchain that attracted attention for its affiliation with Michi, an internet-famous cat.
Termed the "most memeable cat on the internet," Michi is trading at a valuation of $237 million.
In response to a Web3Quant trader's question "What's your top 5 high probability 10x with size plays? heavily followed crypto trader Ansem highlighted five meme coins. His list included Dogwifhat WIF/USD, Michi, Pups PUPS/USD, Bitcoin Wizard WZRD/USD, and Jeo Boden BODEN/USD.
Another trader drew parallels between Dogecoin and Dogwifhat to Popcat and Michi.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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