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- A fortunate crypto whale has made a significant profit from two memecoins with a low capital investment, according to onchain data.
- The wallet, known as waxl.eth, bought TRUMP tokens worth $6,500 and sold them for a whopping $5.6 million, a 870x return on investment.
- The same wallet also managed to make a substantial profit from the altcoin BasedAI (BASEDAI) almost simultaneously.
A crypto whale has turned a small investment into a fortune, making significant profits from two memecoins. The wallet, waxl.eth, made a 870x return on its investment in TRUMP tokens and also profited from the altcoin BasedAI.
The Lucky Crypto Whale
The event was noticed by analysts from the crypto analysis company Lookonchain. According to onchain data, the waxl.eth wallet managed to turn a relatively small capital into a fortune. The wallet purchased 2.08 million TRUMP tokens for $6,500 from two different wallets. It then sold TRUMP worth $1.24 million for a profit of $902,000. At the time of writing, the lucky whale still has 832,000 TRUMP in its wallet, worth around $4.7 million.
Profiting from BasedAI
In an even more interesting turn of events, the same wallet managed to make a high return from the altcoin BasedAI (BASEDAI) almost simultaneously. The wallet bought 249,000 BasedAI for $4,000. It then sold 19,500 of them for $137,000. The whale currently holds 238,000 BASEDAI, worth around $1.1 million.
The Risks of Memecoins
However, it’s important to remember that memecoins, like those the whale invested in, are extremely risky assets. More users lose money on these coins than make a profit. This story is not an investment advice, but a reminder of the volatile nature of the crypto market.
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Conclusion
This story of a lucky crypto whale serves as a reminder of the potential high returns in the crypto market. However, it’s also a stark reminder of the risks involved, particularly with memecoins. As always, investors should do their own research and consider their risk tolerance before investing in these volatile assets.
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