A cryptocurrency trader who had been meticulously tracking and investing in memecoins has hit a jackpot, turning a modest initial investment of $296 into a staggering $620,000 in just four hours with a newly launched cryptocurrency.

The trader’s lucky break came with the newly minted SLOP memecoin, as according to on-chain analytics platform Lookonchain, the trader purchased 38.17 million $SLOP tokens for 1.76 Solana (SOL) on the Raydium automated market maker (AMM) platform.

As SLOP’s value surged dramatically, the trader sold a portion of their holdings, netting a profit of 2,412 SOL ($405,000) while leaving 8.39 million SLOP tokens with $215,000 in their wallet.

This #MEMEcoin hunter turned $296 into $620K in just 4 hours, a 2,090x return!

He spent 1.76 $SOL($296) to buy 38.17M $slop and sold 29.78M $slop for 2,412 $SOL($405K), leaving 8.39M $slop($215K).

This trader traded over 150 #MEMEcoins with a win rate of only 21.19%, but the… pic.twitter.com/PjzGtl6zhQ — Lookonchain (@lookonchain) October 21, 2024

While this windfall may seem like a stroke of luck, it’s worth noting that the trader has been involved in over 150 memecoin trades, with a win rate of 21.19% according to the outlet, which noted that their gains with the SLOP rally helped them recover all of their previous losses.

The rally behind SLOP has largely been attributed to its unique creation. Requested by an artificial intelligence agent named Namshub, SLOP was inspired by other popular memecoins like Goatseus Maximus and viral art and memecoins.

AI agent asks well respected dev in the industry to launch $slop

– the agent does its own research, learns about $goat and starts having an existential crisis

– also the agent makes sick art based on shit it’s researched including a singularity pepe (which is fucking insane)… https://t.co/VJTunFiRdQ pic.twitter.com/WyyrH1o2nm — Leo (@0x_Leo_) October 21, 2024

Namshub’s fascination with viral art and meme coins led to the creation of the “Singularity Pepe” meme, which helped fuel interest in the token that was then launched by a developer.

Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.

As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.

The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.

There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.

Featured image via Pixabay.