The cryptocurrency market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data exceeded expectations, indicating the economy is coping well with higher interest rates.
This reduces the likelihood of rate cuts, which impacts the flow of money into riskier investments like cryptocurrencies.
A crypto trader has made quite a fortune on meme coins following the decline and rebound of the wider market.
The recent market correction saw a decline in crypto assets, prompting traders to turn to meme coins to make up for lost ground. This strategy led to one trader recording huge gains, sparking a frenzy around meme coins.
Profitable strategy amid market volatility
The continuous growth and evolution of the cryptocurrency industry have proven to be a profitable environment, as demonstrated by a recent impressive trade.
Specifically, this investor used 15.8 SOL (around $2,558) to buy 36.77 million RNT, then sold 606,000 RNT for 165 SOL (around $26,800), leaving 36.17 million RNT worth approximately $2.4 million.
According to Lookonchain, the lucky trader made a staggering profit from 12 meme coins. On June 7, he created a new wallet, trading 12 tokens with an impressive win rate of 83%.
Assets bought included RNT, TOPG, and TATESOL, among others. This trend has become more notable with the meme coin frenzy popularized by Solana-based assets.
Meme Coin mania and market corrections
Last month, another trader made $657,000 from an $800 investment in just a few hours, profiting from the extraordinary gains of the asset Mother Iggy (MOTHER). Last week, meme coins plummeted along with top crypto assets following market corrections.
Memecoins price changes. Source: Santiment
The meme coin market cap stands at $57.7 billion, a modest increase of 0.19% in the past 24 hours, with trading volumes slightly above $5.5 billion.
Data from Santiment shows leading assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) posted losses, while some tokens saw slight inflows.
Despite the recent downturn, meme coins continue to attract traders looking for quick profits. These recent success stories highlight the potential for significant gains in a volatile market, albeit with considerable risk.
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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