Cryptocurrencies have led to one of the biggest paradigm shifts in finance in recent memory. While they have the potential to turn the tide in favor of decentralization and transparency, practical use cases are still in their infancy.
On the other hand, digital assets have become widespread in the form of speculative investments. Once the preserve of the internet-savvy, they are now widely available and very popular.
As this nascent industry develops, the rough edges are smoothed out. While cryptocurrencies are still highly volatile, they have gradually begun to stabilize—whether through stronger correlations with the performance of traditional assets, the emergence of stablecoins, or institutional participation.
Big payouts from trades that bring life-changing wealth to savvy investors are less common these days, but they still happen, albeit mostly in the realm of meme coins. In one such case on December 17, a canny trader made a profit of $8.36 million in just 20 minutes—let’s take a closer look at what exactly happened.
This PENGU trade was perfectly timed, but risky.
According to the data obtained, approximately two hours before publication, this trader spent a total of 23,742 Solana (SOL), which at that time was approximately $5.36 million, on 8 transactions in which he purchased 239.6 million Pudgy Penguins (PENGU). Finbold from Solskan.
This PENGU stake was then sold for 60,726 SOL, worth $13.72 million, following a one-day price spike of 780.62%, bringing the total profit of the deal to $8.36 million. Besides the short duration of the deal, there are several interesting factors to note.
First, someone came forward claiming the deal was his – user X under a pseudonym. Nakasintosalthough the report has not been verified.
I just made an incredible trade, making a staggering $8.3 million profit on $PENGU in just 15 minutes. I bought it for $5.3 million and at the perfect time I sold it for $13.7 million.
Thanks to @pudgypenguins @LucaNetz for making this happen 🙏 pic.twitter.com/vPMIWVtXEO
— Nakasintos | 我们会成功的 (@nakasintos) December 17, 2024
Secondly, a closer look at the data on the chain shows that the account in question made up to 500 trades within one hour, suggesting that there is an automated system at play, regardless of who is behind it.
Ultimately, while this trade is impressive, it requires a staggering appetite for risk – while this may serve as an interesting example of the potential profits seen with meme coins, risking millions of dollars on assets with questionable underlying value is the approach most cryptocurrency investors take they just don’t accept it. Not for anything.
Featured image via Shutterstock
