Key Takeaways:
- An anonymous trader turned a $3,000 investment into $9 million in 3 days by investing in Solana-based memecoin Numogram (GNON), achieving a 3,000x return.
- GNON surged 233% in a single day after its listing on the Moonshot platform, attracting speculative retail interest.
- The price surge is largely driven by social media hype rather than any fundamental developments, with potential volatility ahead.
An anonymous cryptocurrency trader turned a $3,000 investment into $9 million in just three days by trading the Solana-based memecoin, Numogram (GNON).
The trader, identified through on-chain analysis by Lookonchain, used three wallets to acquire 56 million GNON tokens, later selling a small portion for a massive profit, yielding a 3,000x return.
This guy turned $3K into $9M in just 3 days, a 3000x return!
— Lookonchain (@lookonchain) October 20, 2024
He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part.
He currently holds 55.18M $GNON across 4 wallets, worth more than $9M!
Wallets:
4zYDZFgowjRYExR4sjCmFyuu2gAxqh2agnwWGzcdtzAm… pic.twitter.com/CrH0wQvuyf
GNON, a low-capitalization memecoin, experienced a 233% price surge on October 19 following its listing on the Moonshot platform, popular among retail traders seeking speculative opportunities.
Memecoins, despite having little intrinsic utility, continue to attract investors due to their volatile price movements.
The dramatic rise of GNON mirrors other recent successes, like the Pepe (PEPE) token.
However, GNON’s rise seems driven by hype and speculation, with no fundamental catalysts, leading to uncertainty about its long-term sustainability.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
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