Crypto Trader Turns $3k Into $2M, Nets 650x On CZ Memecoin Post

A fortunate cryptocurrency dealer turned a $3,000 funding into roughly $2 million inside hours after Binance co-founder Changpeng “CZ” Zhao shared a submit a few BNB Chain memecoin on X.

Blockchain knowledge reveals the dealer, recognized by pockets tackle “0x872,” was one of many earliest consumers of the newly launched “4” ($4) token, according to blockchain analytics platform Lookonchain. The dealer’s preliminary $3,000 value of BNB (BNB) grew into $2 million, marking a roughly 650-fold return on funding.

Regardless of the large features, the dealer offered solely a small portion of their holdings and nonetheless holds $1.88 million value of the tokens.

The “4” token was created following a phishing assault on the BNB Chain, the place the hacker reportedly made simply $4,000 in revenue earlier than the neighborhood turned the occasion right into a meme.

The dealer seems to have sought to capitalize on the social buzz surrounding the memecoin, with their crypto portfolio holding over 98% of their belongings in 4.

The dealer’s portfolio generated over $1.8 million in unrealized revenue over the previous week, in accordance with knowledge from CoinStats.

The trade’s most profitable cryptocurrency merchants, by returns, who’re tracked as “smart money” merchants on Nansen’s blockchain intelligence platform, have additionally purchased the memecoin.

The “4” memecoin was the third-most-bought token by good cash merchants over the previous 24 hours on the BNB Chain, with merchants buying practically $100,000 value of the tokens, knowledge from Nansen reveals.

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Regardless of their lack of intrinsic utility, memecoins have beforehand made millionaires from crypto merchants.

In March, one other dealer reportedly turned a $2,000 investment into as a lot as $43 million by shopping for the frog-themed Pepe (PEPE) memecoin. Nonetheless, the dealer held by way of Pepe’s 74% decline from its all-time excessive, which noticed his unrealized $43 million revenue shrink to $10 million when he offered his place.

A separate investor turned $27 into $52 million in Could 2024, in accordance with onchain knowledge.

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CZ’s X submit sends “4” memecoin parabolic

Curiosity within the “4” token surged after Zhao reposted the BNB Chain’s assertion on the phishing incident to his 8.9 million X followers.

“Curiously, after the hacker dumped ALL his tokens for a $4k acquire, the neighborhood took over and purchased the meme coin increased, as a mock to the hacker,” wrote Zhao in a Wednesday X post.

One other unknown pockets bought the memecoin minutes earlier than Zhao’s X submit. It was up over $1.5 million simply hours after the commerce, in accordance with a Wednesday X submit by blockchain knowledge visualization platform Bubblemaps.

Zhao’s submit got here shortly after the BNB Chain’s official X account was briefly hacked on Wednesday, Cointelegraph reported.

The attacker used the chance to share phishing links and promote the memecoin to the web page’s over 4 million followers

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