A recent cryptocurrency trade involving a $135 purchase of the meme coin “First City in Mars” (TERMINUS) has caught significant attention as one of the most profitable trades in the cryptocurrency market for 2024.
This Ethereum (ETH)-based coin, traded on UniswapOkay, saw an extraordinary increase in value between September 8 and September 21, reaching a staggering $1.2 million by September 24, according to Lookonchain.
The rise from $135 to $1.2 million signifies an approximate 9,000-fold increase in just over two weeks, making this one of the most lucrative trades in the digital currency space this year.
Why is TERMINUS Gaining Popularity?
TERMINUS has seen its value surge due to various factors, including an influential post on X by DogeDesigner, a well-known figure in the crypto community. In the post, DogeDesigner speculated that Elon Musk could name the first city on Mars “Terminus,” which sparked considerable interest in the coin.
While Musk has not explicitly endorsed the coin, the association of his name with the project and his well-documented ambition to establish a human settlement on Mars added to the coin’s rising popularity. As of September 24, the coin continued its upward trend, growing by an additional 50.24% over the last 24 hours, bringing its price to $0.387.
Meme Coin Resurgence in September
Despite the usual market volatility, September has seen a revival of meme coins. Earlier in the month, the crypto market experienced the “September Effect,” a common occurrence where prices tend to decline, but many meme coins have defied this trend, delivering impressive returns.
While the TERMINUS trade is one of the most striking examples, it’s not the only notable event. On September 6, a trader swapped 6 Solana (SOL), valued at about $800, for another meme coin, Moo Deng (MOODENG). By September 23, the investment had soared to $1.3 million.
In addition, an investor who bought $16,550 worth of First Neiro (NEIRO) in early August saw their holdings grow to approximately $1.8 million by mid-September. These rapid gains highlight the significant opportunities that meme coins can present in a short time.
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Risks in the Meme Coin Market
While stories of traders turning small investments into millions capture headlines, not all meme coin trades yield success. One of the most cautionary tales of 2024 involves an investor who poured $1 million into the meme coin MBAPPE, only to see its value collapse to just $9,000 in an hour.
This volatility shows the risks involved in meme coin trading. Although some traders experience remarkable gains, others face substantial losses. These extreme fluctuations make meme coin investments highly speculative, with outcomes that can vary dramatically.
Disclaimer: This content is meant to inform 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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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