Memecoins have turned numerous cryptocurrency investors into millionaires despite their intrinsic lack of utility.
A savvy trader made an over 2,100-fold return on investment in just three hours despite trading a scam token that turned out to be a rug pull — a scam where developers abandon a project and steal investor funds.
A memecoin trader netted nearly $1 million worth of profit in just three hours from an initial investment of only 2 Solana (SOL) tokens worth around $460, according to a Nov. 20 X post from onchain intelligence firm Lookonchain:
Savvy memecoin trader, QUANT buy. Source: Lookonchain
