Memecoin Trader earns $800,000 in just one hour

According to the crypto portal lookonchain, an anonymous Memecoin trader was able to earn $800,000 (USD) on August 1 with just one trade. He made the profit in less than an hour. Here's how he did it: the trader traded 50 Solana (SOL) worth USD 8,500 for 256.8 million CTO, a new Raydium Memecoin.

Raydium is a DeFi trading platform with a Total Value Locked (TVL) of USD 1.16 billion. Then the trader traded 227 CTO for 4,771 SOL, making a profit of 802,500 USD.

Interesting detail: the stranger may be more than just a lucky person. Apparently, he was the third person to ever buy the token. Under lookonchain's X-post, there are speculations about insider trading.

CTO is one of the first tokens launched through makenow.meme. This is a Twitter bot that creates Memecoins via a tweet with very little effort. Currently, however, the service is not available.

Memecoins are highly speculative crypto-assets with no real value in the real world. They can quickly rise in value, but also fall just as quickly. Investing in memecoins carries high risk and can lead to great financial loss. Make sure you are well informed and only invest money you can afford to lose.