A cryptocurrency trader has achieved a remarkable feat by turning just 0.1 Ether (ETH) into over $8.3 million on Coinbase’s Layer-2 scaling solution Base in less than a week. The trader, known by the pseudonym Larp von Trier, accomplished this feat by trading little-known cryptocurrencies with market capitalizations below $5,000.
In a post on the microblogging platform X (formerly known as Twitter), on-chain analysis service Lookonchain shared the story of Larp von Trier's trading strategy on Base. The trader announced their intention to hunt for tokens with small market capitalizations on the platform.
One of Larp von Trier's initial trades was on a meme-inspired cryptocurrency called Keyboard Cat ($KEYCAT), which had been online for just two days and had a market capitalization of $2,200. The trader bought 13.16% of its supply with their 0.1 ETH. Subsequently, they sold 344.7 million tokens for 497 ETH, worth over $1.75 million, after the cryptocurrency's price surged.
Currently, Larp von Trier holds 971.2 million tokens, equivalent to 9.71% of the cryptocurrency’s total supply, in over six wallets, with a total value of $6.64 million.
Despite their success with $KEYCAT, Larp von Trier also traded other cryptocurrencies on Base, such as $NORMIE and $NORMILIO, but incurred losses of $820 and $9,700, respectively.
According to Lookonchain, Larp von Trier also traded meme-inspired cryptocurrencies on Ethereum but did not achieve the same level of success as on Base.
These incidents highlight the volatility and liquidity issues inherent in lesser-known and meme-inspired cryptocurrencies. Traders in this space face significant risks, as demonstrated by a trader who lost $46,000 in just three minutes after the price of the token, Milady Wif Hat ($LADYF), plummeted.
In another instance, a trader capitalized on a memecoin's dramatic price rise of over 3000% in a 24-hour period, turning 50 $SOL, worth around $9,000, into a profit of over $123,000.
In yet another case, a trader turned a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
Some users on X (formerly known as Twitter) have suggested that traders making such high-risk investments in newly launched cryptocurrencies may be the developers or marketers behind them, aiming to pump up the price to sell the tokens at a higher value.
Joy
