A prominent investor in the cryptocurrency space has recently made an impressive profit of $300,000 by accumulating a large number of GME tokens. This news has caught the attention of the crypto community due to the substantial profit gained in a short period of time. The development comes amidst a surge in the price of GME memecoin, with the token’s value skyrocketing over 300% in the past 24 hours.
The profitability of GME Memecoin attracts investors
In a recent report, a blockchain analyst known as AI Auntie on X has brought to light a transaction involving Ethereum (ETH) and Gamestop (GME) coins. The report reveals that a smart investor, identified by the wallet address ‘0x8bd…ac6a2,’ has made a staggering profit of $300,000 after entering the market on May 17. According to the provided data, the investor used 6.12 ETH (equivalent to approximately $23,000) to purchase 8.48 billion GME tokens.
During the transaction, each GME token was bought for $0.000002728. Comparing this price to the current value, the tokens have increased by over 1,300%. As of the report’s date, there is no indication that the investor has sold or transferred these tokens. This suggests that the investor may be holding onto the tokens in anticipation of further value appreciation.
This recent transaction highlights the highly volatile nature of memecoins and cryptocurrencies in general. The value of a token can rise rapidly within a short period of time, but it can also plummet just as quickly. It serves as a reminder that investing in these assets should be approached with caution and not seen as a shortcut to wealth.
GME Coin experiences a surge in price
Meanwhile, the price of Gamestop (GME) has experienced a significant increase in the past day. According to the latest data from CoinMarketCap, the value of GME has surged by 266% at the time of writing, reaching a trading value of $0.0146.
Furthermore, the trading volume of the Solana-based token has skyrocketed by 1,16% to $231.5 million, indicating increased activity. As a result, GME now has a live market capitalization of $100.7 million, positioning it as the 35th largest memecoin by market cap. In the last 24 hours, GME has traded between the lowest and highest prices of $0.003744 and $0.01606. It is important to note that GME reached its all-time high of $0.02167 on May 15, 2024, which represents a 29.5% difference from its current price.
