A smart cryptocurrency trader has made headlines by turning a mere $3,000 into over $9 million in just three days. This incredible feat came from investing in the low-market capitalization memecoin, Numogram (GNON), which launched on October 17.
According to on-chain analytics firm Lookonchain, the trader bought 56 million GNON tokens through three different wallets. After a few days of trading, the price skyrocketed by 3,000%, resulting in a profit of $9 million.
Despite having no real utility, memecoins like GNON have created many new millionaires due to their extreme price swings. Just last May, a trader turned $3,000 into $46 million by trading another popular memecoin, Pepe.
GNON’s recent surge can be attributed to its listing on the memecoin trading platform Moonshot on October 19. After this, GNON saw a daily rise of over 233%, trading at $0.1505 as of October 20.
However, experts caution that GNON’s rapid price increase may not last. With no fundamental reasons to support long-term growth, its value is driven mainly by social media buzz and speculation.
As many young investors feel disillusioned with traditional markets, they are increasingly drawn to the excitement of trading memecoins.
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