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MEME Cryptocurrency trader increased his MEME position of US$2,972 to US$2.1 million in 12 hours
According to Lookonchain data, a cryptocurrency trader expanded his position to more than US$2.1 million in just 12 hours by buying MEME tokens worth US$2,972.
Key Points
- A new wallet that only existed for 21 days bought 16.11 million MEME tokens after only 8 tokens had been traded before.
- The trader sold 750,000 tokens for approximately US$85,300, but still held 15.36 million MEME tokens worth approximately US$2.03 million.
- Driven by the controversy between Robinhood and AMC Entertainment, the MEME token rose more than 3100 times in a single day, and the popularity of narrative quickly heated up.
MEME Wallet Transaction Details
Lookonchain pointed out that the wallet with an address starting with 0xc740 was created 21 days ago. Before this large-value transaction, the wallet had only traded 8 tokens. Subsequently, the trader spent approximately US$2,972 to buy 16.11 million MEME tokens, accurately capturing the market before the tokens rose significantly.
Less than 12 hours later, the total value of the transaction had exceeded $2.1 million, with a reported return of approximately 713 times. At this time, the trader had sold 750,000 tokens and made a profit of approximately US$85,300, leaving 15.36 million MEME tokens in his wallet.
At the time of report, the value of these remaining tokens was approximately US$2.03 million. As a result, most of the book gains have not yet been realized, and its final profit and loss will still vary with fluctuations in MEME prices.
Robinhood and AMC controversy drives the market
The surge in MEME tokens follows criticism by AMC Entertainment CEO Adam Aron of Robinhood's tokenized stock service. Arón called the arrangement "contemptuous, ridiculous and disgusting" and said external securities legal advisers were reviewing the matter.
Crypto users then reinterpreted "AMC" as "A Meme Coin"(a meme coin), building a new market narrative around MEME on Robinhood Chain.
According to GMGN data cited by Odaily, the token rose more than 3100 times in one day, and its market value exceeded US$60 million.
Lookonchain described the trader as "extremely lucky." This is an appropriate qualitative description of the rewards that rely on extremely early entry in this highly speculative market. The trend of memoin is often mainly driven by narrative and social media attention. When the momentum fades, late buyers are easily exposed to the risk of rapid reversal.
Before the advent of MEME, the background environment was already quite large. Robinhood's Tokenized Stock Decentralized Exchange (DEX) has traded more than $3 billion in 63 days, providing tokenized exposure to more than 190 companies, including AMC, laying the foundation for the controversial MEME token to become a tradable meme asset.
