Meme coins continue to be a matter of debate in the market. A crypto trader made a million-dollar profit from his trade with 4 meme coins. Moreover, this trader did it in just 3 days. Elsewhere, CryptoQuant CEO says meme coins are hurting the industry.
Trader made millions of dollars in profit with 4 meme coins!
cryptokoin.comAs you follow from , meme coin has been in the market lately. Solana-based meme coins in particular have seen astronomical increases. In this process, some traders managed to turn the opportunity into profit. On-chain analytics platform Lookonchain reported that in less than 3 days, a certain trader made a profit of 19,205 SOL (approximately $3.34 million) by trading the meme coin. According to Lookonchain, the trader made the profit by trading SLERF, NAP, NOS and NIBBA. In this context, Lookonchain shared the following:
A smart trader earned 19,205 SOL ($3.34 million) trading meme coins in less than 3 days! Trader traded 4 meme coins and made money on each one!
CryptoQuant CEO: Meme coins are harming the crypto industry!
Amidst the recent hype surrounding meme coins like BOME and SLERF, these tokens are also receiving criticism. CryptoQuant CEO Ki Young Ju issued a stern warning. Ki Young Ju expressed concerns about their detrimental impact on the cryptocurrency industry. According to Ju, such cryptocurrencies, characterized by their viral marketing and speculative nature, pose a threat to the legitimacy and progress of the crypto industry.
The CEO highlighted the overshadowing impact that billion-dollar meme coins have on legitimate projects striving to innovate and advance the industry. Ju expressed his frustration with the temptation to make easy money through meme coins. The CEO likened this situation to the speculative hype of the initial cryptocurrency supply boom, which led to widespread losses for investors. Some argue that meme coins act as a gateway for new users to enter the crypto space. Ki Young Ju draws parallels with projects of the ICO era in 2018 that failed to deliver any tangible value. Therefore, it warns against the risks involved.
The market is turning to gambling instead of innovation!
Some suggest that meme coins are a manifestation of natural speculation in the crypto market. In contrast, Ki Young Ju laments the lack of industry leaders championing real product development. He says the market has turned to gambling rather than encouraging innovation and creating concrete solutions. Therefore, it highlights a worrying trend.
Finally, CryptoQuant CEO underscores the critical role of visionary leaders dedicated to driving innovation and moving the industry forward with significant products, highlighting the leadership exemplified by the likes of Changpeng Zhao, former CEO of Binance. The former chairman of the largest crypto exchange is currently awaiting a court decision in the United States.
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