TL;DR
- A crypto trader turned $1.5 million into $4.5 million in five hours with Simon’s Cat (CAT).
- He used scripts and bots to buy 318.87 billion CAT and then sold to make a $3 million profit.
- Simon’s Cat is a memecoin backed by intellectual property rights and aimed at supporting cat rescue initiatives.
A crypto trader has achieved an impressive gain by turning $1.5 million into $4.5 million in just five hours, using advanced strategies in the cryptocurrency market. The investor, identified as a ‘sniper‘ for their ability to use scripts or bots to acquire large amounts of tokens at the precise moment of their launch. Has caught the attention of the crypto sector with this operation.
The asset in question is a new memecoin called Simon’s Cat (CAT), inspired by the popular British animated series of the same name. This cryptocurrency was launched with full backing from the brand’s intellectual property (IP) rights, and its purpose is to support global initiatives aimed at rescuing and feeding cats. The entry of this new token into the market has generated significant interest. Explaining its rapid rise in value and the attention it has drawn from experienced traders.
A sniper made $3M in just 5 hours by sniping $CAT!
This guy spent 2,500 $BNB($1.46M) to buy 318.87B $CAT at the same tx where the liquidity was added.
Then he sold all 318.87B $CAT for ~7,639 $BNB($4.45M), making 5,139 $BNB($3M).https://t.co/faH6Onvkqw pic.twitter.com/lpvogBYQSa
— Lookonchain (@lookonchain) August 23, 2024
In detail, the trader initially invested 2,500 Binance Coins (BNB), equivalent to $1.46 million, to acquire 318.87 billion CAT right after its launch. Taking advantage of the increasing demand and the subsequent rise in the token’s price. The trader sold their entire CAT position in exchange for 7,639 BNB, approximately worth $4.45 million. This operation resulted in a net gain of 5,139 BNB, equivalent to $3 million, in just five hours.
Simon’s Cat Rises 85% Since Launch
The success of this operation further highlights the lucrative yet risky potential of memecoins in the cryptocurrency market. While assets like Simon’s Cat may offer opportunities for quick profits. They are also highly speculative and volatile, making it crucial to proceed with caution and conduct thorough research before investing in them.
At the time of writing this note, the CAT token is trading at a price of $0.00002443, reflecting a significant increase of 85.41% since its launch. The market capitalization has reached $225 million, solidifying its position as a relevant asset in the cryptocurrency ecosystem.
The unpredictable and fast-paced nature of the market offers opportunities for substantial gains. However, these are accompanied by equally significant risks. Investors interested in memecoins should be aware of the inherent volatility of these assets and proceed with caution.
