Crypto Trader Turns $1,700 into $873K in Just 2 Days

Recently, one crypto trader who chose to remain anonymous made nearly $1 million profit from a $1,795 investment in less than two days trading the Comedian (BAN) meme coin. The 490x increase was realized on the Raydium platform, using the BAN/SOL trading pair, as ascertained by on-chain analysis firm Lookonchain on October 27. It is an excellent example of showing that there are good opportunities to achieve Verum sales within the framework of the strongly uncontrolled meme coin market.

Strategic Trading Approach

The trader’s profits were not purely a stroke of luck; they implemented a carefully calculated strategy. Starting with just 10.2 Solana (SOL), the investor acquired 36.27 million BAN tokens. Instead of holding through the entire rally, the trader capitalized on price surges by selling off portions of their holdings at each peak. This incremental selling allowed them to lock in profits while benefiting from further price increases.

BAN/SOL pair on Raydium. Source: Dex Screener

During the first price spike, the investor sold 12 million BAN tokens, netting $56,900 in profits. Following this, the value of BAN sharply declined by nearly 90%, but the trader held their remaining tokens. When BAN’s price rallied again, the trader sold another 6.13 million tokens for an additional $80,700, bringing their total earnings to over $137,000. By the end of the trading spree, the investor still held 18.13 million BAN tokens valued at $734,000, completing their journey to $873,000 in assets.

Why BAN’s Price Skyrocketed

The recent surge in the BAN token came after Maurizio Cattelan’s artwork, “Comedian,” gained attention. This infamous 2019 piece features a banana duct taped to a wall, which faded from public view until Sotheby showcased one of the three prints they own, intending to sell it for over one million dollars. The artwork’s publicity and the growing appreciation for BAN boosted its price. Increased demand and trading volume also benefited from new exchange listings, including Poloniex, where full BAN trading began on October 27th.

🚀 Poloniex New Listing $BAN @banonsolcto

✅ Deposit open on Oct 27th, 09:00 (UTC)

✅ Full trading enable on Oct 27th, 10:00 (UTC)

Details: https://t.co/Dn6ndBVmXF pic.twitter.com/pYw1O1LNhr

— Poloniex Exchange (@Poloniex) October 27, 2024

Risks in the Meme Coin Market

Despite the recent profits, BAN and similar meme coins carry significant risks. Several tokens with the same “Comedian” branding have appeared on networks like Ethereum, raising concerns about potential scams. Some investors may fall victim to fraudulent projects or rug pulls, where bad actors exploit hype to steal funds. Experts suggest caution in this volatile market, where poor timing or unvetted tokens could lead to substantial losses. While meme coins continue to attract attention, their lack of fundamentals makes them inherently unpredictable, benefiting only those who carefully navigate market swings.