Cryptocurrency Trader Turns $353 Into $8.3 Million in 6 Days

How did the cryptocurrency trader pull off such a massive trade?

According to crypto analysis firm LookOnChain, the trader took to X on Mar. 27, 2024, and said he was looking for “Base gems” with a market cap below $5k.

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The first token he purchased was Keyboard Cat (KEYCAT). At the time of purchase, the asset was online for only two days, with a market cap of just $2.2k. The trader bought 1.3 billion KEYCAT tokens, which amounted to 13.16% of the supply. The cryptocurrency trader sold 344.7 million KEYCAT tokens for 497 ETH, worth around $1.75 million, via two wallets.

The trader still holds 971.2 million KEYCAT, about 9.71% of the total supply, across six different wallets. As of now, the value of the holdings is about $6.6 million.

LookOnChain notes that Larp von Trier is also an Ethereum (ETH) gem hunter. However, the platform highlights that the cryptocurrency trader might not be making much money trading memecoin on the Ethereum network.

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Keyboard Cat (KEYCAT) is a new cryptocurrency on the BASE network. The asset is currently up by 60.3% in the daily charts and 11.6% in the last hour.

Assets with small market caps, like KEYCAT, are plenty. However, such projects could fall victim to pump-and-dump schemes, leading to investors losing their investments. New investors should exercise caution while putting their money into such projects.