• On-chain data has exposed an Ethereum trader that raked in a $688K profit in 2 days.
• The profit raked in has showcased the proficiency of memecoins in creating good returns.

Blockchain analytics platform, Lookonchain has discovered a smart Ethereum (ETH) investor who raked in $688,000 profit within two days. The anonymous trader leveraged a strategic crypto trading move and this has earned him significant attention from the digital asset community. 

Notably, the investor spotted a mouth-watering opportunity and engaged his trading prowess to secure 380 ETH. 

According to Lookonchain, the anonymous trader invested $100,000 worth of Ethereum into acquiring RefundCoin (RFD), an ETH-based memecoin that was introduced recently by prominent ETH whale blurr.eth. 

With 55 ETH – $100,000 – capital, he purchased 20.7 billion RFD on Sunday, May 21st. With so much attention paid to the fluctuating crypto market, the trader sold off all the RFD at a good time on Monday, May 22nd. The sales of the 20.7 billion RFD generated 435 ETH in returns.

At the time of this sale, the 435 Ether were valued at $788,000 leaving him with a profit of $688,000. 

Some crypto proponents applauded his action as high-risk, high-reward trading while another group suspected that it could be a case of RFD insider trading. Meanwhile, RFD has been on a significant price surge recently and has joined the list of the largest gaining assets this period. 

On Monday, the price of the asset jumped by over 85.5 percent, and in the space of 24 hours, it had soared by up to 1000 percent.

Heightened Memecoin Hype Takes Over the Crypto Industry

Just like the anonymous ETH investors, many other traders are plunging into RFD trades to cash out from its bull run. The heightened clamor around short-term investment and profit intensified with the bull run of frog-themed memecoin PEPE which began in April. Since that time till now, there has been an increased demand and supply of memecoins in the crypto market. 

Pepe Coin, another similar frog-themed memecoin that runs on the Solana blockchain emerged last week with the promise to turn investors into millionaires in just three days. Just like its namesake PEPE, the new memecoin prove skyrocketed and gained the attention of many. 

Miladys Meme Coin (LADYS), a memecoin rumored to be associated with Elon Musk also made rounds following PEPE closely. Several top cryptocurrency exchanges including Binance, WazirX, Gemini exchange, and many others began to list these memecoins amidst explosive hype from crypto community members. 

Coinbase, on the other hand, initially refused to list PEPE citing that the coin poses a high risk and has a limited supply.

 However, a recently launched Twitter countdown suggests that the American exchange may likely list the coin. So far, investors have been warned to stay vigilant and trade with caution especially, as it concerns these short-term gains involving memecoins. They are still believed to be high-risk investments because of the lack of tokenomics.

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