A cryptocurrency trader has managed to take advantage of the launch of a red-hot celebrity-themed token to capture a large percentage of its total supply, which they used to turn less than 1 ETH into over $350,000.
According to available blockchain data, the trader took advantage of the launch of a Caitlyn Jenner-themed token trading under the ticker symbol $JENNER, and promoted by Caitlyn Jenner herself on social media.
The cryptocurrency trader managed to use roughly $3,200 – 0.85 ETH – to capture around 44% of the cryptocurrency’s supply, accounting for nearly 430 million tokens that they then kept on offloading after the price of the cryptocurrency rose.
The trader sold 393 million JENNER tokens for approximately $330,000 while keping around $104,000 worth of JENNER on their wallet. This dramatic trade exemplifies the rags-to-riches stories that continue to emerge in the current crypto boom, often attributed to project insiders.
The trader’s fortune comes amid a wider memecoin trading trend that has seen a memecoin created with the help of OpenAI’s ChatGPT chatbot skyrocket in value to a market capitalization of over $600 billion.
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The brainchild of digital artist Rhett Mankind, Turbo stands out for its unusual origin story as its creator harnessed the power of GPT-4, an advanced AI language model, to design the memecoin’s concept, tokenomics, and even its smart contract.
This innovative approach, coupled with a community-driven development process documented on X (formerly known asTwitter), has fueled Turbo’s rapid rise, as Finbold first reported. Polls on the platform allowed users to participate in choosing the coin’s name and mascot, fostering a sense of ownership and engagement.
Other memecoins that have seen stunning success over the last few months include PEPE, Grok, and CorgiAI. While the memecoin craze has played a role in the success of these cryptocurrencies, their value is ultimately derived from the community they managed to build around them.
It’s worth pointing out cryptocurrency market is notoriously volatile, and the hype surrounding memecoins can be fleeting. Investors should be aware of the potential for significant losses if demand any cryptocurrency wanes. The long-term viability of the project will depend on its ability to sustain community engagement and navigate the ever-shifting dynamics of the crypto market.
Featured image via Unsplash.
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- Source: https://www.cryptoglobe.com/latest/2024/06/crypto-trader-turns-3200-into-350000-by-snagging-huge-chunk-of-celebrity-token/
