Meme coin crypto is on fire and a wallet that bought 12.7 million Tongue Cat ($LUIS) tokens on April 4 has turned a $221 investment into $197,961 in a day.
Cat meme coins are all over the trending leaderboards right now. There’s $MEW, $POPCAT, $BOMEOW to choose from, and of course $LUIS, which is trending in the number one slot on DexTools, up 110% at the start of the European session on $0.0166.
😅 Just from $67, this smart money 9e3Lf turn his investment into $54.7k (~x816).
7 hours ago, he accumulated 12.7M $LUIS with $67 and then sold 6.2M tokens for $23.6k.
Just now, he still has 6.5M $LUIS (~$27.1k).
His address:https://t.co/RL8a6kisc0 pic.twitter.com/fBEulAuu2P
— The Data Nerd (@OnchainDataNerd) April 4, 2024
To cut to the chase, this meme coin whale wallet – 9e3LfSt1BvbACZcZVJpwhkKo4414eryjHKJcJ5saR5r6 – got in early on $LUIS at a purchase price of $0.00001744, buying in three transactions within the first 45 minutes of the listing on 4 April.
Then in 16 trades over the subsequent hours, the wallet owner offloaded his furry friend, with the last trade filled at 22:25 as he rang up the profits. For instance, in the second sell trade, measured at today’s $SOL prices, there was a realized profit of $141,188.
Adding up the profits on the 16 trades brings the return on investment to $197,961, which is not bad for a day’s work.
Solana is the new home of meme coins, but Base is making waves too
Tongue Cat is built on Solana, a Layer 1 blockchain that has superseded Ethereum as the favored launchpad for meme coins because of its low transaction fees and better throughput than Ethereum.
As bitcoin surges back to within touching distance of its recently printed all-time high of $73,738, the search for the next meme coin to pop remains at frenzied levels.
$LUIS is pulling back a little today during the writing of this article, but that could well be a case of the calm before the storm that serves to attract more degens.
Having said that, intermittent congestion is rearing its ugly head, although there have been no outages like those seen last year and in 2022. Solana does appear to be growing-up fast, but crypto doesn’t stand still for very long.
With innovation the watchword of nascent technologies like blockchain, there is always competition to watch out for. An emerging new contender is Base, the optimistic rollup Ethereum Layer 2 solution from Coinbase.
This segues nicely to $BRETT, the meme coin that is leading the way on Base with a market cap of $792 million and liquidity of nearly $10 million. Maybe not Ape in, but it could be worth building a modest outpost for the incoming altcoin bull run explosion.
Some might sneer at meme coins, yet they are playing a key role in identifying the blockchains that can take the strain and in popularizing adoption. As such, it makes sense for degens and more staid investors to keep a watching brief on Base meme coin developments.
Do you realize that $BRETT has doubled in holders over the last 13 days? The @BasedBrett army soon crossing 60K holders and the #1 #memecoin on @base is looking undeniably bullish.🚀https://t.co/yS2qyCi5bp$PEPE $WIF $BONK $DOGE $SHIB https://t.co/sYCMPEw0jb pic.twitter.com/3sIFQlMXt4
— Dōgen (@realdogen) April 7, 2024
All the president’s meme coins – $TRUMP or $BODEN
Other meme coins worth a look include those centered around the US presidential election meta trend, where $TRUMP and $BODEN are the star turns.
This ERC20 wallet – 0xdb22ca143f6396ad289c79cdfa5cc47f65884162 – made more than $5 million after putting down a few thousand to trade the $TRUMP meme coin :
Delving a little deeper into the trader’s deal history, on August 13 2023 he bought 89,280 $TRUMP tokens at $0.0207, when 1 ETH was worth $1,849.
On that transaction alone the trader made $567,764 – that’s a profit of $567,764.
Head over to Debank and search for the wallet address and you can quickly see which other tokens the wallet is holding. Top holding of the portfolio is $TRUMP token with half a million still held worth $3,223,325. All told the $TRUMP whale has made in excess of $5 million, including unrealized profits.
But what else is this savvy trader hanging onto for another life-changing payday?
While there is a small stake in $MILEI token to confirm this crypto enthusiast’s penchant for populist politicians in the MAGA mould, it is BarbieCrashBandicootRFK888Inu (SOLANA) that shows more substantial intent. This meme coin uses the Solana name as its ticker but has no connection to the Solana ecosystem – in fact it runs on Ethereum.
Why it pays off big to be early with meme coin crypto
Meme coin valuations are based on their virality and not much else, which means they are very high risk, even by crypto standards. However, you can mitigate risk by not betting the bank on a coin and making sure to do your own research.
Finding a YouTuber with a good track record of picking hits is a good starting point. Jacob Crypto Bury is just such a fellow, where his latest analysis can now be found on the venerable and respected crypto site 99Bitcoins‘ YouTube channel.
He is cultivating a reputation for hitting the mark with his expert take on the presales market, where the best early-stage profit-making opportunities are to be found. He has a liking for Dogecoin20 – this coin launches on Doge Day in 11 days’ time – and Slothana:
The moral of this tale is the importance of getting in early on meme coins, and there is no better way of doing that than presales. And when a trend emerges, ride it. That’s what the folks behind Slothana look to be doing with the $SLERF sloth coin.
It looks like a lot of crypto degens think there is plenty of room for another sloth to slither onto the scene as Slothana has raised more than $10 million from contributors in a fortnight. The token is on sale at a fixed price too, so today’s are still as early as you can possibly be.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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