A savvy trader recently turned an $8,500 investment into a staggering $800,000 in just one hour by trading a Solana-based memecoin called CTO. This dramatic profit exemplifies the high-risk, high-reward nature of memecoin trading in the volatile crypto market.
On August 1, blockchain analytics platform Lookonchain reported that the trader purchased over 256 million CTO tokens with 50 Solana tokens, each worth approximately $8,500. The trader was among the first three addresses to acquire the memecoin. An hour later, the trader sold 227 million CTO tokens, earning 4,771 SOL and securing an $800,000 profit. Additionally, the trader made $104,000 from a $3,400 investment in another token, PFI.
Despite such success stories, the broader memecoin market has been struggling. Major tokens like Dogecoin, Shiba Inu, Pepe, Dogwifhat (WIF), Bonk (BONK), and Floki (FLOKI) have seen significant price declines over the past week. Dogecoin’s price dropped by 10.38%, and PEPE fell by 12.74%. The most substantial loss was seen in WIF, which plummeted by 26.79%. Other dog-themed tokens, FLOKI and BONK, also experienced over 10% declines, with FLOKI falling 13.53% and BONK 17.63%.
Amid these losses, Shiba Inu (SHIB) demonstrated some resilience, with only a 6.51% price decrease in the last week. However, SHIB faced a 10% drop in July following a significant security breach at the India-based crypto exchange WazirX. Hackers stole $235 million worth of cryptocurrencies, including $100 million in SHIB tokens, which contributed to the token’s decline.
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