Smart Whale Earns $300k in Profits by Acquiring GME Memecoins
A prominent cryptocurrency investor has recently made impressive profits of up to $300,000 by accumulating a massive amount of GME tokens. This news has caught the attention of the crypto community due to the substantial profit made in a short period of time. This development coincides with the ongoing surge in the price of GME memecoin, which has skyrocketed by over 300% in the past 24 hours.
The remarkable returns generated by GME memecoin for investors have been highlighted in a recent report by a blockchain analyst known as AI Auntie on X. The report brings to our attention a transaction involving Ethereum (ETH) and Gamestop (GME) coins. According to the report, a smart investor with the wallet address ‘0x8bd…ac6a2’ earned a staggering profit of $300k by purchasing 8.48 billion GME tokens for 6.12 ETH (approximately $23,000) on May 17. At the time of the transaction, each GME token was bought for $0.000002728, which has now surged by over 1,300% compared to its current price. As of the report’s date, there is no information regarding the investor’s transfer or sale of these tokens, indicating that they may be holding onto them in hopes of further value appreciation.
This latest transaction highlights the highly volatile nature of memecoins and cryptocurrencies in general. The value of a token can experience significant fluctuations within a short period, emphasizing the need for caution when investing in these assets and discouraging the expectation of quick wealth.
In addition to the investor’s profits, the price of Gamestop (GME) has also seen a notable increase in the past day. According to the latest data from CoinMarketCap, the value of GME has surged by 266% and is currently trading at $0.0146.
Furthermore, the trading volume of the Solana-based token has witnessed a remarkable surge of 1,16% to reach $231.5 million. As a result, GME now boasts a live market cap of $100.7 million, positioning it as the 35th largest memecoin by market cap. Over the past 24 hours, GME has traded between the lowest and highest prices of $0.003744 and $0.01606, respectively. It is important to note that GME reached its all-time high of $0.02167 on May 15, 2024, representing a 29.5% difference from its current price.
