Most meme coins have been on the 2024 crypto bull run and have helped turn several smart crypto investors into millionaires.
An unidentified crypto trader has recently demonstrated this by turning about $1.5M into nearly $4.5M in just a matter of five hours by trading a new Binance chain-based meme coin, Simon’s Cat (CAT).
According to on-chain data analysis service Lookonchain on August 23, this trader supposedly used scripts or bots to quickly purchase this meme coin as it became available on the market, enabling the trader to gain an advantage.
As per the X post shared by Lookonchain, the trader first spent 2,500 Wrapped Binance Coins (BNB), worth about $1.46M, to buy 318.87 billion Simon’s Cat tokens (CAT).
After some time, the trader then sold off all of the 318.87B CAT after the price of the token surged, to get back about 7,639 BNB, worth $4.45 million.
The trader made a profit of 5,139 BNB, worth about $3 million, from this transaction in just five hours.
Simon’s Cat (CAT) Price Analysis
For context, Simon’s Cat (CAT), a Bep-20 token launched on August 20th 2024, is the officially endorsed meme coin that originates from the popular British 2008 animated series by Simon Tofield.
The series was backed by full intellectual property (IP) rights from the iconic brand, and aimed to contribute to initiatives related to rescuing and feeding cats around the world.
At press time, the CAT meme coin was trading at $0.00002528 according to data from CoinStats. This is a notable 95.41% increase in price since its launch. The data also revealed that the token has a market capitalization of $187 million.
This savvy crypto trader has managed to take advantage of the memecoin’s bullish nature to amass gains for himself. He used his resources to make a massive profit from the Simon’s Cat (CAT) meme coin.
Nevertheless, just like cryptos, meme coins are highly volatile and trading them is significantly speculative. You must trade meme coins with due diligence and extreme caution.
