Crypto News: At a time when volatility was at its highest in the past two years in the entire history of the crypto market, a trader is said to have made huge fortunes trading shitcoins. Details of the buying and selling price of several lesser-known crypto tokens showed that this trader may have already made $2 million in profits in the past 2 years. Thanks to the crypto account that has been running since the beginning of 2023, the Spent Output Profit Ratio (SOPR) has risen high enough to pull the overall market investors into profits after a prolonged bear run in 2022. The profits realized by this trader , however, are highly unusual given the volatile environment in the recent past.
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The SOPR is the ratio of realized value to value at creation for cryptocurrencies. This essentially indicates whether the market is making a profit or not at a given time by calculating the price sold against the price paid. The Bitcoin SOPR is currently just below 1, above which total BTC investors are effectively making a profit. To put things in perspective, this anonymous investor achieved a SOPR of 285 times and 117 times in his two best trades.
Trader makes huge profit in PEPE coin
According to chain data, the anonymous trader traded over 3,000 shitcoins over the past 2 years with a net realized profit of about $2 million. Meanwhile, the trader too accumulated $PEPE memecoin, which increased in value significantly after creation this week. The trader currently bought $2.52 trillion worth $816,000 PEPE with 0.013 $ETH worth just $25, realizing a profit of 32,000x. While most traders struggle to make 10 times profits on cryptocurrency, this trader made more than 10 times profits on 15 tokens, with 10 times being the lowest win ratio.
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Interest in memecoins slowed after Dogecoin’s logo was removed following a brief replacement of the Twitter bird logo. Meanwhile, Bitcoin price saw a 3% drop over the past 24 hours, down from the $29,300 range.
Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Trader Makes Millions Trading Memecoins In 2 Years; Here’s how
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