A crypto trader managed to turn a modest $7,000 investment into $600,000 in just 24 hours by trading a newly launched “base memecoin” on the Solana blockchain. The trader’s incredible gains were highlighted by the popular crypto analyst Cyril (@cyrilXBT) on X.
The memecoin in question, dubbed $PAT, was one of the hottest Solana-based plays to launch in the past 24 hours. According to Cyril’s analysis, the trader was among the first movers, purchasing 168.9 million $PAT tokens for just $7,200 merely an hour after the coin’s launch.
Within the first hour of trading, $PAT’s market capitalization skyrocketed to $7.5 million before experiencing a brief dip to under $3 million. However, the momentum quickly picked up again, propelling $PAT to an all-time high market cap of $9.51 million a couple of hours later.
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Show more +The trader expertly capitalized on this volatility, securing an initial profit of $2.19 million. As the price surged further, the trader continued to seize opportunities, ultimately riding the wave to an incredible peak before $PAT’s market cap settled back down to $3 million at the time of Cyril’s analysis.
The final tally of the trader’s exploits is nothing short of astonishing. Starting with a modest $7,200 investment, the trader managed to sell a portion of their holdings for $100,300, netting a realized profit of $93,100. Additionally, the trader still holds $14.3 million worth of unsold $PAT tokens, representing an unrealized profit of $512,000.
While such incredible gains are certainly remarkable, it is important to note that trading cryptocurrencies, especially highly volatile memecoins, carries substantial risks. Traders are advised to exercise caution, conduct thorough research, and never invest more than they can afford to lose.
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