A crypto trader reportedly turned $5,245 into more than $2.16 million in under an hour on Thursday, October 9, through trades involving a new memecoin called BNBHolder on BNB Chain.
According to data from Lookonchain, the blockchain analytics platform, this unknown trader with the wallet address 0x94ac8d bought and sold millions of BNBHolder tokens within 40 minutes. Within an hour of the token’s debut, at least 13 wallets had each made over $1 million from BNBHolder trading alone
The trader used 4 BNB, worth about $5,245, to buy 41.11 million BNBHolder tokens. Shortly after that, the trader sold 33.55 million tokens for 956 BNB, worth about $1.25 million, while keeping 7.55 million tokens that were still valued near $906,000. In total, the net profit reached over $2.15 million, a return of more than 410%.
Screenshots of the transaction revealed some accounts profiting between $1.2 million and $2.9 million on BNBHolder token, while still holding tokens worth hundreds of thousands more. At the same time, BNBHolder’s market cap shot past $70 million, with $3 million in liquidity and a 24-hour trading volume close to $373 million, according to data from DEXScreener.
At the time of writing, the memecoin is trading for $0.00376 with a market cap of $37 million.
Meme Season on BNB Chain
The timing of the trades, which happened soon after Binance Wallet launched its new “MemeRush” feature, has caused people online to wonder if the trader had inside information before the public launch.
MemeRush is a new feature designed to help users find and trade trending meme tokens on BNB Chain, which is currently witnessing a mammoth surge in meme coin trading. This has also led BNB Chain to see a drastic surge in its DEX trading volumes among all blockchain networks.
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