In a recent development on Binance, a Memecoin investor has achieved impressive gains by depositing a staggering 127.5 million $MEME tokens. Lookonchain, a prominent on-chain analytics platform, revealed that this investor realized a remarkable profit of approximately $1.41 million from their deposit. The analytics firm shared the details of this transaction on their official X account.
Just an hour ago, a Memecoin pre-sale investor deposited 127.5 million $MEME (valued at $1.55 million) into #Binance, reaping a profit of $1.41 million. Memecoin, which raised $15.8 million through two rounds of pre-sales, had an entry price of just $0.001 per token.
pic.twitter.com/WRsOczSTup
— Lookonchain (@lookonchain) August 3, 2024
The report from Lookonchain indicates that the tokens deposited by the pre-sale investor held a value of $127.5 million, and this transfer occurred merely an hour ago. The investor’s significant earnings underscore a noteworthy movement of funds within the Memecoin ecosystem.
This substantial profit highlights the lucrative potential of initial investments within the inherently volatile cryptocurrency market. The incident particularly shines a light on the profitable prospects available in the memecoin sector. Memecoin’s successful fundraising of $15.8 million through two pre-sale rounds reflects strong investor confidence and interest in its potential.
Such large transactions can lead to notable price fluctuations and shifts in trading volume. During the pre-sale phase, the price of $MEME tokens was set at just $0.001, offering investors an excellent opportunity to acquire tokens in substantial amounts. This development subsequently increased the token’s value after the pre-sale rounds. According to Lookonchain, significant transfers like this one can influence market dynamics, including price changes and trading volumes.