Amid billions worth of trades daily, some trades turn everyone’s heads in surprise. The same happened with this crypto trader, earning $4.5M ($4.4 more precisely) in profits after trading in the newly launched ENRON memecoin. Although this high-stakes trade favored him, let’s discuss how this happened.
ENRON Memecoin Trade Paid Off, Turning $900k Into $5.3M
A crypto trader went all in with the newly launched ENRON meme coin, spending $900k to buy the $11.66M ENRON token. According to the Lookonchain post, the trader acted swiftly and grabbed the opportunity seconds after the creators posted about the contract address.
Within less than 30 minutes, the trader sold all the tokens, cashing out $5.3M at the ENRON price peak. More importantly, the crypto investor netted $4.4M in profits from this trade within less than an hour.
Apart from the impressive profits, the crypto trader made the right decision about trade placement, significantly as the ENRON price dropped moments after the trader’s sale. The ENRON meme coin commenced trading at a market capitalization of $500M, but soon, it surged to $900M. However, the market’s volatility played its role, dropping the valuation by 70% to $250M within 30 minutes.
Not The Only Trader With Such Massive Returns
Along with the aforementioned crypto trader, a few others succeeded with their trade on the ENRON memecoin. Another trader spent $1.2M to purchase 10.75M ENRON and sold all within 12 minutes. However, these 12 minutes were enough to yield 246.4% returns, making them a profit of $3.94M.
However, the community calls such trades insider jobs. Regardless of the doubts, these two traders have presented the bullish side of the market. Whether this bullishness will persist or fall short with time for this crypto has to be seen.
ENRON Price Surged 115% Amid Hype
After Donald Trump launched the TRUMP meme coin, more businesses came forward with meme-themed cryptocurrencies. Enron, a powerhouse in the American energy sector before its bankruptcy in 2001, is behind the ENRON token.
Satirical performance artist Connor Gaydos publicly announced the token and allocated 20% of its supply to early participants. Interestingly, this token had a seven-day vesting period and a 180-day liner unlock period. This event highlights the crypto landscape taking over the financial ventures and new tokens gaining investors’ attention.
At present, ENRON memecoin trades at $0.1654 after its price surged by 114% per Dexscreener. Also, it has a market capitalization of $165.4M and a 24-hour trading volume of $101.6M, showing significant demand.
However, it also shows signs of high volatility, so investors must research before getting involved in this or any other crypto token.
Bottom Line
Meme coins are among the most demanded cryptocurrencies. The aforementioned crypto trader earned $4.4M in profits within just 30 minutes with ENRON memecoin. This points to the profitability of the market if the trades are placed right. However, not all trades go according to expectations and may go entirely wrong as the newly launched tokens possess high volatility.
The post Here’s How ENRON Memecoin Made $4.5M Profit For Trader Under 30 Mins appeared first on CoinGape.
