An astute trader in the world of memecoins has caught the attention of many by transforming an initial investment of $8,524 into a staggering $12,800,000 in just a matter of weeks.

Blockchain tracking firm Lookonchain has revealed that one trader has reaped massive profits by buying and selling the memecoin Pepe (PEPE). The trader, known as jwynn.eth (@JamesWynnReal), initially spent $8,524 to acquire 2.83 trillion PEPE during its early stages. Later, the trader sold 1.81 trillion PEPE for a whopping $4.57 million. At present, jwynn.eth holds 1.02 trillion PEPE, valued at $8.25 million, across three wallets. In total, the trader has made a profit of approximately $12.8 million, which represents an impressive gain of 1,503 times the initial investment.

Lookonchain has also noticed another intelligent trader who has capitalized on the success of Book of Meme (BOME), a newer memecoin launched on the Solana (SOL) network. This trader, who is not an insider, has managed to accumulate substantial profits by trading memecoins. The most lucrative venture for this trader was with BOME, where they earned over 6,495 SOL, equivalent to $1.23 million. The trader initially spent 300 SOL to purchase BOME and later sold it for 6,795 SOL. Following Binance’s announcement of listing BOME, the trader then spent 3,000 SOL to acquire BOME from a decentralized exchange (DEX) and deposited it into Binance for sale.

Furthermore, Lookonchain has discovered a trader who swiftly made more than $390,000 by taking advantage of the depegging of Renzo Protocol’s restaked Ether token (EZETH) from Ethereum (ETH) on April 24. The trader, known as czsamsunsb.eth, invested 4,099 ETH to successfully purchase 4,221 EZETH during the depegging event. In just two hours, the trader made a profit of 121.65 ETH as the price of EZETH returned to parity with Ethereum.

It is important to note that these impressive trading successes do come with risks. Investors should conduct thorough research and exercise caution before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. The transfers and trades made are solely at the trader’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not provide investment advice or recommend the buying or selling of any cryptocurrencies or digital assets.