A crypto trader has made a profit of $435,000 from his initial investment of 1 $SOL ($169), representing a gain of 2,580x return. The trader achieved this incredible return by investing 1 SOL ($169) into an unknown meme coin called Mundi.
Lookonchain reported the incident today December 1 2024 and highlighted how it happened. According to the on-chain analytics, the investor capitalized on the new meme coin’s potential.
How the trader net thousands trading Mundi
Banano (BAN) is a good example of a new meme coin launched on October 25 but rapidly surpassed a $60 million market cap within two days. Instead of being driven by FOMO to purchase BAN, the investor identified an art meme token, Mundi, launched earlier than Banano. During that time, Mundi had a market cap of just $8500.
As per Lookonchain, the trader invested 1SOL ($169) to purchase 19.9 million Mundi tokens and held onto them. Four days ago, he began liquidating, selling 18.19 million Mundi coins for 1,428 SOL ($336,900). The trader is still left with 1.6 million Mundi tokens ($99,000).
Mundi meme coin rises $115% in a day
Despite having no clear use cases, the Salvator Mundi (MUNDI) displays a strong market rally. The meme coin is currently up $115.94% in the last 24 hours and trades at $0.0167 as of 09.08 AM EAT time zone, according to CoinMarketcap.
MUNDI is becoming a popular investment instrument among beginner retail traders seeking the next big meme token. This occurs when meme coins continue to make waves in the landscape of cryptocurrency, with several investors making incredible gains.
Meme coins are an extraordinary type of cryptocurrency, named after viral memes and internet culture. Tokens such as PEPE, DOGS, Dogecoin, and Shiba Inu have acquired huge popularity, attributed to the influence of social media and robust support from online communities.
Meme cons are quite different from traditional cryptocurrencies, as their prices are typically boosted by social excitement and viral promotion rather than strong technology. They are some of the riskiest instruments in the cryptocurrency world, with prices majorly driven by user sentiment and unpredictable volatility.
