• More crypto traders are leveraging the memecoin craze to make multimillion gains.
• Proper memecoin strategy is now regarded as a secret recipe for success at this time.

According to DamiDefi on Twitter, a crypto wallet that was worth only $25,000 about three days ago has managed to upscale to approximately $1.3 million through certain trading decisions which the trader made. A look at the wallet showed that 99 percent of its holdings were domiciled in RefundCoin (RFD), an ETH-based memecoin that was introduced recently by Ethereum (ETH) whale blurr.eth.

https://twitter.com/DamiDefi/status/1660947517272457219

The wallet held 13,567,175,828 RFD which is estimated to be worth $1,327,042, but they were purchased for around $16,300 in two separate transactions. Notably, the wallet’s first buy was made on Saturday, May 20th at $0.00000084 per unit for about 10.4 billion RFDs worth $8,777. A few hours later, the wallet made another purchase of over 3 billion RFDs at $7,520 as the price had jumped to $0.0000024.

At the time of this writing, this wallet has not sold any of its RFD holdings. The RFD coin has continued to soar and is currently trading at $0.0002554. 

Lookonchain, a blockchain analytic resource provider also discovered a trader who made a similar investment in this ETH-based memecoin and raked in significant profit a few days ago. The anonymous trader plunged $100,000 worth of ETH to purchase 20.7 billion worth of RFD on Sunday, May 21st. Unlike the previously mentioned smart crypto trader, this investor sold off his RFD holdings at a good time on Monday, May 22nd, and generated 435 ETH in returns.

At the time of his sell-off, the 435 ETH was worth approximately $788,000, thereby leaving him with a profit of $688,000 in less than two days. 

Memecoin Becomes Rave of The Moment

Interestingly, these short-investment gains with memecoins are the rave of the moment and many investors are leveraging the bull run in the heat of it. With their potential to fuel immense growth, a good strategy in trading these memecoins can be tagged as the secret recipe for success in today’s crypto world.

Based on these reasons, several crypto whales are now hunting for memecoins that are capable of making them millionaires in a very short period. Another wallet was said to have made several hundreds of ETH from trading the trending frog-themed Pepecoin (PEPE) and another RFD.

Within one month, the trader made a total of 562.64 ETH worth around $1.06 million from trading PEPE and RFD. It is worth noting that this particular trader invested in about 104 different tokens out of which 66 yielded reasonable returns of up to 63.5 percent. It is fast becoming a trend for investors to sell off their ETH to acquire memecoins like PEPE.

Amongst memecoins also, the competition is also heating up. Around two weeks ago, PEPE was looking at displacing TRON (TRX), Shiba Inu (SHIB), and Litecoin (LTC) to gain second place after Dogecoin (DOGE). Fast forward to the present day, its closest rival has become DOGE.