While it is no secret that the cryptocurrency market can provide some lucrative opportunities for a savvy investor, some traders are proving to be savvier than others, including one that has managed to profit a staggering $4.4 million in less than a month trading one particular meme coin.
Specifically, this crypto whale has profited $4.36 million by trading Popcat (POPCAT) after spending 4.13 million USDC to buy 6.11 million POPCAT at the price of $0.68 three and a half weeks ago, according to the data shared by blockchain analytics platform Lookonchain in an X post on October 6.
Indeed, the Solana (SOL) meme coin saw a significant increase in price since then and has recently broken through $1.40, making a new all-time high (ATH), which allowed this smart money to make a 106% return in less than a month, considering that their purchased POPCAT is now worth about $8.49 million.
Interestingly, this is not the first time for the trader to profit from POPCAT, as they earlier made $1.47 million after spending $1.84 million in USDC to buy 6.05 million POPCAT on April 21-26 and selling it for $3.31 million in USDC on September 5, as the platform observed on September 12 when reporting on the latest purchase.
POPCAT price analysis
Meanwhile, POPCAT was at press time changing hands at the price of $1.45, recording a massive increase of 17.51% in the last 24 hours, adding up to the even more significant gain of 54.26% across the previous seven days and advancing a whopping 185.52% over the month, as per data on October 7.
All things considered, this crypto trader has succeeded in gaining substantial profits from their careful actions in trading the above token. However, extreme caution is necessary when trying to imitate their actions and earn income, especially when trading meme coins, as trends can easily change.
