On-chain data analysis by blockchain tracking firm Lookonchain reveals significant profit opportunities for some cryptocurrency investors in recent weeks. The report highlights three notable cases involving memecoins and utility tokens that experienced substantial price increases.
Solana-Based Beercoin Delivers Massive Returns
One particularly eye-catching story involves Beercoin (BEER), a memecoin built on the Solana blockchain. Lookonchain identified a pre-sale participant who turned a $50,000 investment into a staggering $1.3 million profit in less than three weeks. This represents a gain of over 2,500%, achieved through strategic purchases and sales as the token’s price skyrocketed.
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BEER’s price initially surged by over 1,260% between May 24th to June 14th, rising from $0.000018 to $0.000245. Currently, BEER is trading at $0.0001651, demonstrating over 33% decrease in the past 24 hours. The initial dramatic price increase coincided with the memecoin’s listing on the Gate.io exchange, which significantly increased its trading volume and accessibility.
Whale Investor Capitalizes on Pendle’s Growth
Lookonchain also discovered a cryptocurrency whale (an investor holding a large amount of a particular coin) who profited significantly from their investment in Pendle (PENDLE). Pendle is a utility token that allows users to create and trade tokenized representations of future cryptocurrency yields.
The report details a whale depositing a substantial amount of PENDLE on Binance, valued at approximately $3.83 million at the time, to secure profits. This suggests the investor had previously acquired PENDLE at a much lower price point, potentially in August 2023 when the token was trading around $0.54. Their remaining holdings, valued at over $21 million, represent a total profit exceeding $22.8 million, reflecting a gain of over 834%.
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Iggy Azalea’s Fan Token Sees Impressive Gains
Finally, Lookonchain identified a cryptocurrency investor who achieved a remarkable 1,110% return on investment within just eight days by purchasing Mother Iggy (MOTHER) tokens. MOTHER is a cryptocurrency venture launched by Australian rapper Iggy Azalea.
The report states that the investor acquired a significant amount of MOTHER tokens, valued at roughly $777,000, between May 29th and June 1st. By holding onto these tokens until the time of the report, their investment grew to a value of approximately $9.4 million. While the token’s price has experienced some fluctuation since then, this still represents a significant profit for the early investor.
These examples showcase the potential for high returns in the cryptocurrency market, particularly for memecoins and utility tokens experiencing rapid price increases. However, it is crucial to remember that such investments also carry a high risk, and significant price drops can occur just as quickly as surges.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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