A savvy trader has reportedly made a killing by expertly navigating the launch of a new memecoin called FOXY. According to blockchain analysis from Lookonchain, this trader managed to turn an initial investment of around $1.16 million into a staggering profit exceeding $1 million in less than two hours.
The trader, operating under the pseudonymous wallet address “0x348a,” methodically prepared for the FOXY launch days in advance. As early as three days prior, the cryptocurrency exchange OKX announced that it would list FOXY for spot trading on April 12, 2024, at 8:00 AM UTC.
With meticulous planning, the trader created a new wallet and ensured they had the necessary funds ready two hours before trading opened. When FOXY went live, they swiftly deployed 330 Ethereum (ETH), worth approximately $1.16 million at the time, to purchase a massive haul of 117.32 million FOXY tokens.
The real coup, however, came in the trader’s next move. Within the same frenzied trading window, they offloaded 57.32 million FOXY tokens on-chain, raking in 336 ETH (around $1.18 million). Not content with those impressive gains, the trader then deposited the remaining 60 million FOXY tokens, valued at approximately $1.08 million, into the OKX exchange.
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In the end, this daring trader’s total profit from the FOXY memecoin launch exceeded an eye-watering $1 million, all within a mere two-hour trading frenzy. While such windfall profits are the exception rather than the norm, this trader’s shrewd maneuvering and timely execution serve as a testament to the potential rewards – and risks – of navigating the volatile memecoin market.
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Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
