What do you believe is the single most important factor driving up the cost of living in Nigeria?

On-chain analytics data Lookonchain highlighted a crypto whale's 4,000% return on an investment in the SPX6900 meme coin.

What Happened: The trader initially spent $161,000 to purchase 7.79 million SPX two months ago. The trader has sold 638,000 SPX, earning $562,000 at $0.88 per SPX, leaving 7.15 million SPX worth $6 million.

The trader’s total profit is $6.4 million, a 40x return on their initial investment. Over the past seven days, SPX is up 85.8% gains. The meme coin has surged 2,829.5% over the past month.

This significant return on investment underscores the potential profitability of strategic trading in the volatile cryptocurrency market. The investor’s strategy of buying low and selling high has paid off handsomely.

Why It Matters: The success of this whale investor could inspire other traders to adopt similar strategies, potentially leading to increased market activity and volatility. However, it’s important to note that such high returns are not guaranteed and investing in cryptocurrencies carries significant risk.

Crypto trader Murad pulled off a similar feat, having purchased SPX four months ago for a 7,900% return to date. He purchased 10.25 million SPX at an average price of around $0.0096, worth $98,000.

Based on current prices, Murad's holdings are worth around $7.89 million with an unrealized profit of around $7.79 million. The meme coin's valuation currently stands at $753.9 million, up from around $25 million a month ago.

• Read More