Trader Turns $2,800 into $320,000 with Explosive Meme Coin
One lucky diamond-handed meme coin trader has unrealized profits of over 100X today after purchasing $2,800 worth of Reddit Dog (r/snoofi) tokens, now worth about $320,000.
X meme coin analyst Kakashi (@kkashi_yt) flagged up the hoard on Sunday.
By then the mysterious trader’s bag of 28,289,764.47 r/snoofi tokens had blown up to $245,000.
This guy is now over $245,000 in profit on $snoofi which hasn’t sold any of it yet. pic.twitter.com/lpSY5fhdMi
Despite the attention their wallet has received, this trader is in it for the long-HODL.
According to blockchain information, they’re still holding every Reddit Dog token and their stash is now worth a staggering $320,000.
This guy’s $2,800 on $Snoofi is now worth nearly $320,000 which hasn’t sold yet. pic.twitter.com/E1KS4q0va0
Much about Reddit Dog remains unknown so curious investors are advised to tread with caution.
The Solana token launched on Sunday by a Reddit group, purporting to be a meme coin based on “Reddit’s dog” although a cursory Google search shows that “Snoofi” does not seem to be present before “R/Snoofi”.
A chart from the largest Reddit Dog trading pool on Raydium posts the token has bled about 25% overnight, however these losses are arguably due to a spot of profit taking.
The candles are following a shallow cup-and-ball pattern with the most recent price information curving up as if to climb another leg.
Still, investors should exercise extreme caution over this token as very little is known about it, and it may be a pump-and-dump scheme or scam.
Investors who want to support the growing meme coin sector can buy into some of the meme coin projects still only in pre-sale that are bringing new utility into the industry.
One project pioneering a unified staking
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