As new cryptocurrencies flood the crypto market, they continue to offer opportunities to profit from carefully timed crypto trades. One crypto trader recently demonstrated this by making $3 million in a few hours trading the new meme coin Simon’s Cat (CAT).
Specifically, a “sniper,” or trader who uses scripts or bots to quickly buy tokens as they hit the market and gain an advantage, initially spent 2,500 Binance (BNB) coins worth $1.46 million to buy 318.87 billion CAT, according to data provided by Lookonchain in post X from August 23.
As further noted by analysts from the blockchain monitoring platform, the crypto trader then sold all 318.87 billion CAT tokens he had purchased for approximately 7,639 BNB, worth $4.45 million, making a profit of 5,139 BNB, or $3 million, in just five hours, according to transaction details.
Notably, CAT is an officially endorsed meme coin that takes its inspiration from Simon Tofield’s popular British animated series, backed by full intellectual property (IP) rights from the iconic brand, and aimed at promoting initiatives related to rescuing and feeding cats around the world.
As a reminder, meme coins have been the hallmarks of the crypto bull runs of 2023 and 2024, gaining popularity thanks to memes and celebrities, though often with no apparent value. Notable celebrity-based coins include Andrew Tate’s Daddy Tate (DADDY) and Iggy Azalea’s Mother Iggy (MOTHER).
Simon’s Cat Price Analysis
At the time of publication, CAT’s price was $0.00002528, representing a whopping 95.41% gain on the daily chart since its recent launch, with the market cap reaching $223.64 million, according to the latest data. CoinMarketCapdata obtained by Finbold.
In conclusion, this crypto trader managed to use his resources to make huge profits from the launch of the above meme coin. However, trading meme coins is highly speculative, so it is recommended to do your own due diligence and be extremely cautious when investing in them.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
