TL;DR
- A trader turned a $296 investment into $620,000 in just four hours by buying and selling the meme coin SLOP.
- The trader initially bought 38.17 million SLOP tokens and 1.76 SOL, later selling 29.78 million tokens for 2,412 SOL, netting $405,000, with the remaining tokens valued at $215,000.
- SLOP’s success, driven by its unique creation by an AI agent, highlights both the high rewards and risks of meme coin investments, with the coin now trading at $0.020 and a market cap of over $20.8 million.
A cryptocurrency trader has turned a modest $296 investment into a staggering $620,000 within just four hours. This incredible feat was achieved through the purchase of the newly created meme coin, SLOP, highlighting the unpredictable yet lucrative nature of the cryptocurrency market.
This #MEMEcoin hunter turned $296 into $620K in just 4 hours, a 2,090x return!
He spent 1.76 $SOL($296) to buy 38.17M $slop and sold 29.78M $slop for 2,412 $SOL($405K), leaving 8.39M $slop($215K).
This trader traded over 150 #MEMEcoins with a win rate of only 21.19%, but the… pic.twitter.com/PjzGtl6zhQ
— Lookonchain (@lookonchain) October 21, 2024
The Trade Details
The trader, whose identity remains undisclosed, initially invested $296 to acquire 38.17 million SLOP tokens and 1.76 SOL via Raydium, an automated market maker platform. The rapid surge in SLOP’s value allowed the investor to sell 29.78 million tokens for 2,412 SOL, netting $405,000.
The remaining 8.39 million SLOP tokens are still valued at an additional $215,000, bringing the total earnings to $620,000. SLOP’s meteoric rise can be attributed to its unique creation and viral appeal.
The coin was conceptualized by Namshub, an artificial intelligence agent developed by Fabian Stelzer on Glif’s new bot layer. Namshub’s fascination with viral art and meme coins led to the creation of SLOP, which has captured the attention of the crypto community.
The Risks and Rewards of Meme Coins
While the trader’s success story is remarkable, it is important to note the inherent risks associated with meme coin investments.
The trader had previously engaged in over 150 meme coin transactions, with a win rate of just 21.19%. The profits from the SLOP trade have covered previous losses, underscoring the volatile nature of such investments.
The Future of Meme Coins
As of now, SLOP is trading at $0.020 with a market cap exceeding $20.8 million. The coin’s success has sparked interest in other AI-driven meme coins, such as Goatseus Maximus (GOAT), which has also seen significant growth. The trend of combining artificial intelligence with meme coins appears to be gaining traction, offering both high rewards and high risks for investors.
