How a Savvy Trader Profited $576K in Just 2 Days Trading Solana (SOL) and GameStop’s GME Meme Coin
A smart trader leveraged Solana (SOL) and GameStop (GME) meme coin to generate a substantial profit in less than two days. According to Lookonchain, this trader skillfully made $576K, showcasing a strategy that others might want to emulate.
Let’s dig into the detail on how he did it.
What you'll learn 👉
Initial Investment and Quick Profit
The trader, possibly inspired by @TheRoaringKitty, made a bold move just eight minutes after a key post from the influential figure. They invested 200 SOL (equivalent to $29K) to purchase 43.86 million GME tokens. As the price surged, the trader sold 6.12 million GME for 400 SOL ($58K), effectively doubling their initial investment and securing 200 SOL in profit.
Once the GME price dipped, the trader demonstrated keen market insight by reinvesting the realized profit. They used the 200 SOL gained from the first sale to purchase 4.14 million GME at a lower price. This move highlighted the importance of reclaiming the principal investment and strategically using profits to maximize gains.
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Show more +Further Gains and Current Holdings
In a continued display of trading prowess, the trader sold an additional 11.88 million GME for 1,358 SOL ($198K). Following this transaction, the trader retained 30 million GME, valued at approximately $378K. The strategic maneuvers underscore the potential for returns when employing a well-thought-out trading strategy.
As of the latest data from CoinMarketCap, the price of GameStop is $0.016948, with a 24-hour trading volume of $190,879,327. The price has risen by 24.81% in the past 24 hours, reflecting the continued volatility and opportunity within the cryptocurrency market.
As reported by CaptainAltcoin’s team, GameStop (GME) meme stock has been booming this week and this definitely helped GME meme coin price to explode as well.
This case study underscores several critical aspects of successful trading.The importance of timely and informed decision-making is evident in the trader’s rapid response to market signals. Additionally, the strategy of securing the principal investment while using profits for further trades can mitigate risks and enhance profitability.
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