Memecoin Trader Losses $5M of Unrealized Profit
In a dramatic turn of events, a crypto trader going by Db3P got significant attention for generating $10M out of just $800, only to recently see a fortune plunge. As per Arkham Intelligence, an on-chain analytics firm, the trader reportedly lost a substantial $5 million amount in terms of unrealized profit. The analytics platform provided the details of the trader’s activity in frequent updates on social media.
UPDATE: This guy turned $800 into $10 Million & is now down $5 million
Trader Db3P bought $800 of MOO DENG in its first week and rode it up to highs of $10.2M on Saturday, when Moo Deng was featured on Saturday Night Live.
He is down $5.0M since then, holding $5.2M of MOO DENG… https://t.co/11aKOP09HY pic.twitter.com/TOd9Wp2Y98
— Arkham (@ArkhamIntel) September 30, 2024
$MOODENG Trader ‘Db3P’ Receives Substantial Gains On Memecoin in Few Days
Arkham Intelligence began providing information about this trader on the 17th of September while reporting huge gains. Db3P reportedly invested $800 (almost 6 $SOL) into the meme token $MOODENG just following its launch. Subsequently, within only a week, the holdings of the trader jumped by $400,000. This figure denotes a comprehensive 500x profit on his investment. The respective success story grasped the attention of the entire crypto community, with several praising his market intuition and timing.
While the token kept gaining popularity due to viral social media buzz and memes, the fortune of Db3P also expanded. By the 23rd of September, the portfolio of the trader had jumped to nearly $1.3M. Only 3 days later, the trader’s wealth doubled for another time. After that, on September 26, the trader saw his MOODENG holdings reaching $3.5M. At that time, the trader had not conducted any sales and kept holding the tokens irrespective of the huge gains.
The Sheer Hype Surrounding $MOODENG Fades, Leading to a $5M Loss for the Trader
The climax for MOODENG occurred on Saturday as the meme coin got featured on Saturday Night Live. The value of the token soared because of the SNL appearance, catapulting the portfolio of Db3P to a staggering $10.2M. Irrespective of the massive paper profits, the trader displayed reluctance in selling and firmly kept his $MOODENG holdings. Following that, the hype surrounding the meme token started fading, leading to a sharp decline in price.
This sheer slump in MOODENG’s price paved the way for a staggering $5M loss for the trader. According to Arkham Intelligence, the rollercoaster journey of Db3P signifies the fluctuations of the meme tokens. Though MOODENG got a noteworthy surge in value, such rapid profits often result in equally rapid downturns.