On-chain analytics data Lookonchain highlighted a crypto whale's 4,000% return on an investment in the SPX6900 meme coin.
A crypto whale has achieved an astronomical 4,000% return on an investment in the SPX6900 meme coin, highlighting the potential profitability of strategic trading in the volatile cryptocurrency market.
According to on-chain analytics data from Lookonchain, the whale trader initially spent $161,000 to purchase 7.79 million SPX tokens two months ago. Subsequently, the trader has sold 638,000 SPX, earning $562,000 at $0.88 per SPX. This leaves the trader with 7.15 million SPX, currently valued at $6 million.
Collectively, the trader’s total profit amounts to a staggering $6.4 million, a 40x return on their initial investment. Notably, SPX has seen a remarkable surge of 85.8% over the past seven days and a 2,829.5% increase in value over the past month.
This significant return on investment underscores the potential for high rewards in the cryptocurrency market, especially when traders identify and capitalize on opportunities in the right meme coins at the right time.
However, it’s crucial to note that such high returns are not guaranteed, and investing in cryptocurrencies carries substantial risk.
Recently, another crypto trader, known as Murad, achieved an even more impressive return by purchasing SPX four months ago at an average price of around $0.0096, with a total purchase cost of about $98,000. At the time of his purchase, 10.25 million SPX tokens were acquired.
Based on current prices, Murad’s holdings are now valued at approximately $7.89 million, indicating a realized unrealized profit of around $7.79 million. Notably, the meme coin’s market capitalization has surged to $753.9 million, up from about $25 million a month ago.
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