Trader profits US$3.3 million in one month with POPCAT
The cryptocurrency market entered a downward trend this Thursday (10), especially after the negative inflation and employment data in the United States. However, one trader went against this trend and made $3.37 million in profits with POPCAT, defying the odds.
It all happened after POPCAT, one of the most popular memecoins on Solana (SOL), reached new highs, generating substantial profits for its holders. Memecoin was one of the few that ignored the medium-term downtrend.
The cryptocurrency market is full of opportunities where only the right cryptocurrency trading methods can yield huge gains. Recently, memecoins have emerged as the most profitable class of cryptocurrencies among all.
Trader profits US$ 3.37 million with POPCAT
According to a Lookonchain post on X, the profit made by the trader was due to an “incident” as the cryptocurrency trader has been holding POPCAT for almost a month. He started selling as soon as the token's price appreciated a lot.
The trader spent around 4.13 million USDC to purchase 6.11 million POPCAT on September 12, 2024. He purchased these tokens at an average price of $0.68 and kept them in two cryptocurrency wallets.
On October 7, this investor sold 2.66 million tokens for $3.61 million ($1.36 per token). As a result, he made a profit of US$1.47 million on this transaction. This heavy profit was the result of POPCAT price reaching its all-time high.
After that, he still held 3.45 million tokens until a new trading opportunity arose. Grabbing it, the trader sold another 3.13 million POPCAT for $1.16, making gains of $3.65 million. With that, he made $3.37 million in profit from this cat-themed coin in just one month, including the first trade as well.
The trader still has 310,000 POPCAT left, which is equivalent to US$359,600. Furthermore, netizens are curious about when he will sell his last tokens and how much he will earn this time.
How is POPCAT doing?
POPCAT's popularity increased shortly after its launch as people were looking for new profitable meme coins following the success of the PEPE and BONK memecoins. At first, the cat memecoin took a while to catch on and had modest valuations, but the price of POPCAT has grown significantly in recent weeks.
Recently, memecoin reached an all-time high of US$1.48 and has already accumulated an impressive return of 14,483% year to date. As a result, it became the 7th largest memecoin in terms of market value.
Quoted at US$ 1.18 at the time of finalizing this text, POPCAT is far from its highs, but continues to maintain a gain of 19% for the week. Additionally, it has a market cap of $1.15 billion and a trading volume of $108 million after a significant decline from its peak.