In an impressive display of trading savvy, a trader turned a mere investment of $1,795 into an astonishing $873,000 in just two days by leveraging the volatile nature of the new MEMEcoin, $Ban.
This coin was launched by Michael Bouhanna using his wallet address “5W7U…b3cV,” which he once publicly acknowledged before deleting the post.
Bouhanna, who had previously invested in numerous MEMEcoins without seeing significant returns, decided to create $Ban, reportedly earning over $1 million through a single insider wallet.
The funds for “5W7U…b3cV” originated from another wallet, “EwVB…mD2,” known for its extensive trading in MEMEcoins but with minimal profits.
1/ Michael Bouhanna(@michaelbouhanna) bought many #MEMEcoins but made almost no money!
So he used his wallet "5W7U…b3cV" to launch a #MEMEcoin named $Ban and made more than $1M on $Ban with just one insider wallet!
👇👇👇 pic.twitter.com/3D1Qq9DPVX
— Lookonchain (@lookonchain) October 27, 2024
On October 22, “EwVB…mD2” engaged in trading over ten different MEMEcoins, leading Bouhanna to use the associated wallet to launch $Ban, aiming to capitalize on the hype.
Despite burning all 37.36 million $Ban tokens in his wallet amid market pressure, evidence shows that he used an insider wallet to purchase $Ban, yielding significant profits.
Trader Makes Strategic Moves Around His $BAN Memecoin Holdings
The trader initially bought 36.27 million $Ban with just 10.2 SOL (around $1,795) and quickly sold off portions during price surges, demonstrating a strategic approach rather than panic selling. After selling 12 million $Ban for approximately $56,900, the coin’s value plummeted by nearly 90%. However, instead of selling off the remainder in a panic, the trader patiently waited for another price surge.
This guy turned $1,795 into $873K in just 2 days — a 490x return!
Everyone could learn from this trader’s selling strategy: instead of panic selling everything at once, he gradually sold portions after each surge to avoid missing the rally.
He initially spent 10.2 $SOL($1,795)… pic.twitter.com/bk9YjKfCmD
— Lookonchain (@lookonchain) October 27, 2024
Over time, he sold additional portions, ultimately cashing out a total of 6.13 million $Ban for about $80,700, while still holding onto 18.13 million $Ban, valued at roughly $734,000. This calculated approach resulted in profits exceeding $1 million, showcasing the potential for smart trading strategies in the dynamic world of cryptocurrencies.
🚨 $Ban 24H Vol Exceeds $53M🍌
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— Gate Web3 Wallet (@GateWeb3Wallet) October 28, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: costello77/123RF // Image Effects by Colorcinch
