Meme coin buying and selling has been heating up throughout a lot of networks and quite a lot of crypto merchants have turn into richer for it. Primarily, Solana meme cash proceed to dominate, however different networks such because the BSC community is starting to see an uptick in curiosity. One crypto dealer specifically made $1.6 million in a single hour buying and selling a meme coin on the BSC community. Right here’s how they did it.
Crypto Dealer Makes $1.6 Million With BSC-Primarily based Meme Coin
Massive meme coin launches have been taking place during the last month, with a number of memes working to tens of thousands and thousands of {dollars} in a matter of days. This was no completely different within the case of the Massive Pump (PUMP) token which launched on the BSC blockchain on March 25.
Benefiting from the hype surrounding the token launch, a BNB whale used 6,000 BNB to purchase into PUMP. On the time of the purchase, the 6,000 BNB was price $3.48 million, and the crypto dealer obtained 375.4 billion PUMP tokens in return.
As the value of the PUMP coin grew over the following hour, so did the whale’s holdings, finally crossing $5 million. Based on knowledge from Lookonchain, the crypto dealer proceeded to promote 360.4 billion PUMP tokens throughout a lot of transactions for a complete of $5.08 million. Taking out their preliminary capital, the dealer realized a $1.6 million revenue from this single sale.
After $PUMP opened buying and selling, a whale made 2,759 $BNB($1.6M) on $PUMP in lower than 1 hour!
He spent a gasoline charge of 0.24 $BNB($138) and efficiently purchased 375.4B $PUMP with a price of 6K $BNB($3.48M).
Then offered 360.4B $PUMP for 8,759 $BNB($5.08M), realizing a revenue of two,759… pic.twitter.com/8Ah6vGoqWx
— Lookonchain (@lookonchain) March 25, 2024
The crypto dealer had initially left a stability of 15 billion PUMP tokens, as Lookonchain knowledge exhibits. Nevertheless, they proceeded to dump one other 5 billion tokens, leaving their present stability on the time of this writing at 10 billion. This stability is price $122,624 at PUMP’s present buying and selling value of $0.00001224.
Meme Cash Lead Market Positive factors
Meme cash have been the leaders of this bull cycle to date with spectacular run from a lot of crypto cash that fall on this class. The PEPE coin had revived the meme coin motion, after which it was propelled additional by the likes of Solana-based BONK and WIF which have all crossed the billion-dollar mark within the house of a 12 months.
Because the market heads additional into the bull cycle, there have been different meme cash which have turned heads throughout this time. One in every of these meme cash is E book of Meme (BOME), a meme coin which obtained a Binance itemizing and crossed the $1 billion market cap mark all inside a day.
Others have adopted this trajectory because the likes of SLERF additionally ran to over $200 million in someday. The BSC-based PUMP token additionally crossed a $50 million market cap on its first day, signaling a rising curiosity in meme cash irrespective of the blockchain.
BNB value drops to $591 amid meme coin explosion | Supply: BNBUSDT on Tradingview.com
Featured picture from BSC Information, chart from Tradingview.com
