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A crypto trader has earned more than 27,000% profit in less than a week from trading a Solana-based meme coin. The anonymous trader turned $5,500 to $1.5 million and has already cashed out a heavy $1.1 million.
The unknown trader bought Goatseus Maximus (GOAT), a meme coin that climbed to a market cap of $290 million after spiking by more than 76,480%. The meme coin was created in June via Pump.fun, a Solana platform that allows users to easily launch meme coins without technical knowledge.
Heavy profits are typical of the meme coin sector, as some of the world’s best crypto coins to buy have made fortunes for early holders. These meme coins have become an attractive option for cryptocurrency investors looking for the best chance of earnings by depositing funds into meme coins. Investors now try to find the newest meme coins with compelling growth potential so that they can get in as early as possible and ride a potential price spike to the top.
GOAT Origin and Over $1 Million in Profits
The idea of Goatseus Maximus came from Truth Terminal, an AI chatbot on Twitter. Within a month of its inception, the chatbot indicated its intention to create and launch a meme coin. During a public discussion with Marc Andreessen, the co-founder of venture capital giant Andreessen Horowitz (a16z), Truth Terminal outlined a need for about $45,000 to cover various expenses. Following the conversation, Marc, unsurprisingly, sent the chatbot a one-time grant of $50,000 in Bitcoin (BTC). The bot then mentioned floating the “Goatse Gospel” and eventually referenced Goatseus Maximus in a post on October 10.
After the token launched, a trader bought $5,520 worth of GOAT across four transactions in 30 minutes. Within five hours, the trader had realized nearly $10,000 worth of profits. For the next 6 days, the users began to exit their position gradually, and took more than $1.1 million, leaving about $413,000 in their wallet.
Further investigation suggests that the user is no stranger to meme coins and has $135,000 worth of cat coin Cheese Ball, and Golden Celestial Ration (GCR) worth $22,000.
Meme Coins Making Fortunes
This trader, like many others, has successfully turned small amounts into fortunes and promptly withdrew their earnings before the values crashed. Unfortunately, this is a better story than that of a trader who hit $10 million from an initial $800 invested in Moo Deng. However, this trader did not cash out until the price crashed 80%. Another trader once turned $250,000 to $3 million via Dogecoin (DOGE) but also did not withdraw their profit until prices fell over 90%, crashing the user’s holdings to about $50,000.
However, there are happier meme coin investment stories where people invested in these assets and enjoyed significant profits from their positions. For instance, Ethereum co-founder Vitalik Buterin bought $25,000 worth of DOGE and made $4.3 million when he sold. Notably, Buterin donated all of it to charity through GiveDirectly. He has called the Dogecoin purchase “one of the best investments I have ever made.” Interestingly, Buterin has criticized the celebrity experimentation of meme coins with “financialization” as the goal.
