As new cryptocurrencies flood the crypto market, they continue to offer opportunities to profit from carefully timed crypto trades. One crypto trader has recently demonstrated this by making $3 million in a matter of hours by trading a new meme coin, Simon’s Cat (CAT).
Specifically, a ‘sniper,’ or trader using scripts or bots to swiftly purchase tokens as they become available on the market and gain an advantage, first spent 2,500 Binance Coins (BNB), worth $1.46 million, to buy 318.87 billion CAT, according to the data shared by Lookonchain in an X post on August 23.
Crypto trader’s actions. Source: Lookonchain
As the blockchain monitoring platform’s analysts further pointed out, the crypto trader then sold all of their purchased 318.87 billion CAT tokens for around 7,639 BNB, worth $4.45 million, thus making a profit of 5,139 BNB or $3 million in just five hours, according to the transaction information.
Crypto trader’s actions. Source: Lookonchain
Notably, CAT is the officially endorsed meme coin that originates from the popular British animated series by Simon Tofield, backed by full intellectual property (IP) rights from the iconic brand, and aiming to contribute to initiatives related to rescuing and feeding cats around the world.
As a reminder, meme coins have marked the 2023 and 2024 crypto bull rallies, gaining popularity thanks to memes and celebrities albeit often without offering clear value, with some of the notable celebrity-based coins including Andrew Tate’s Daddy Tate (DADDY) and Iggy Azalea’s Mother Iggy (MOTHER).
Simon’s Cat price analysis
At press time, CAT was changing hands at the price of $0.00002528, demonstrating an increase of a whopping 95.41% on the daily chart since its very recent launch, with a market capitalization reaching $223.64 million, according to the latest CoinMarketCap data retrieved by Finbold.
CAT price 24-hour chart. Source: CoinMarketCap
In conclusion, this crypto trader has managed to use their resources to make a massive profit from the launch of the above meme coin. However, trading meme coins is significantly speculative, so doing one’s own due diligence and using extreme caution is advisable when investing in them.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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