A savvy cryptocurrency trader has profited over $9 million on his initial altcoin investment, showcasing the potential of memecoin trading.
Successful Trading with GNON Memecoin
The trader made a 3,000-fold return on his investment in the Solana-based Numogram (GNON) token, launched on October 17. The savvy trade was flagged by onchain intelligence firm Lookonchain in an October 20 post: CITE_NA: “This guy turned $3K into $9M in just 3 days, a 3,000x return! He spent only $3K to buy 56M $GNON via 3 wallets and sold a small part.”
GNON's Popularity Surge Post-Listing
Despite no clear use cases, the mysterious memecoin GNON staged over a 230% daily rally post its listing on the Moonshot platform. The token rose over 233% against Solana's price on October 19. However, this rally might be short-lived as it lacks fundamental catalysts for long-term price support, driven mainly by social media hype and speculation.
Memecoins' Impact on Generation Mindset
Hao Yang, the head of financial products at Bybit exchange, remarked that the success of memecoins symbolizes the disillusionment of young investors, likened to the punk rock movement. CITE_W_A: Yang stated: “The success of memecoins can be seen as a symptom of disillusioned young investors who have seen the opportunities afforded to their parents disappear.” Memecoins reaching billion-dollar valuations showcase the absurdity of the fiscal system.
While instances like GNON exhibit potential for quick profit, they also highlight the volatility and speculative nature of the memecoin market.