Individual turns 296 investment into 620000 in just 4 hours through meme coin hunting
A cryptocurrency trader with a penchant for meme coins has finally hit the jackpot, earning a massive 2,090-fold return on a single trade. The trader initially invested $296 in the newly created SLOP meme coin and within four hours, saw it skyrocket to $620,000. This trade also involved Solana (SOL), according to data from Lookonchain, a crypto on-chain analytics platform.
To enter the market, the trader purchased 38.17 million SLOP tokens and 1.76 SOL ($296) through Raydium, an automated market maker platform. After the value of SLOP surged, the trader sold 29.78 million tokens for 2,412 SOL, earning $405,000. The remaining 8.39 million SLOP tokens held by the trader are still worth an additional $215,000.
However, this incredible windfall came at a cost. The trader had previously dabbled in over 150 meme coins, with a win rate of only 21.19%. Thankfully, the profits from trading SLOP have more than made up for any previous losses.
The interest in SLOP stems from its unique creation. The coin was initiated by Namshub, an artificial intelligence agent built on Glif’s new bot layer by developer Fabian Stelzer. Namshub, after researching meme coins like Goatseus Maximus (GOAT), conceptualized SLOP. The AI agent generated meme art, including a “Singularity Pepe,” which caught the attention of crypto market speculators.
SLOP’s competitive edge lies in its blend of viral propagation and creative expression, thanks to its emphasis on endless AI-driven meme content. At present, SLOP is trading at $0.020 with a market cap of over $20.8 million.
SLOP is not the first meme token to rally with the help of artificial intelligence. GOAT, another meme token, has experienced significant growth due to aggressive promotion by Truth Terminal. The rally in GOAT even made the chatbot the first AI millionaire. Other meme coins that have seen increased buying pressure have also benefited from early investor gains.
Overall, savvy traders have been profiting massively from meme coins, thanks to strategic timing in their trades.
