Traders bet big on meme coins as rally continues

Traders continue to make big money using meme coins amid the continuous market rally and Bitcoin’s recovery to $70,000.

Lookonchain analysts paid attention to a trader who traded 89 meme coins since March 21. Only 26 of them were profitable, with a winning percentage of less than 30%.

However, the trader got lucky, making $690,000 on ANIME with $7,000 in Ethereum (ETH) invested.

Another meme coin story was less successful. A mfercoin (MFER) trader missed out on a $4 million profit by selling 25.5 million MFER for $566 before the coin’s price skyrocketed.

Since the rise in popularity of meme coins in December 2023, analysts have repeatedly reported stories of traders making thousands of dollars by selling coins. The reason was the hype around meme coins, with thousands of new tokens appearing on the Solana blockchain every day, the price of some of which had been inflated by speculators several times.

BitMEX Co-Founder Arthur Hayes urged the community not to consider meme coins “stupid and valueless.” According to him, one should not draw premature conclusions based only on the nature of the origin of such assets.

Hayes believes that meme coins bring particular benefits to the industry, such as attracting new users and developers. Such coins have gathered a lot of attention and contributed to the development of the blockchain.