Crypto traders witness a roller coaster ride daily as the market is filled with unexpected twists and turns. Volatility and risk increase even higher if they trade in meme-themed cryptocurrencies. However, the right opportunities bring profits, as happened with this crypto meme coin trader, who earned $75k within a day. Impressively, this happened amid the trend of meme coins dead theory. Let’s discuss.
Crypto Meme Coin Trader Overcame Loss For $75K Profit
A savvy crypto trader and famous personality, Dave Portnoy has earned $75K in profits within a day. Interestingly, before making this high profit, the trader bore more than a million in losses after betting on the Buffalo Bills. In an X post, Portnoy explained that he had lost a million but would risk it again on Josh Allen’s MVP coin.
I lost 1 million dollars on the Bills Super Bowl. I think I can make a million back on Josh Allen’s MVP coin. Buy at your own risk. I just bought it. I’m gonna sell it. Don’t buy what ya can’t lose.
Soon, another post explained that he had lost nearly $10K after his $10k investment turned into $75 in shit coins.
I’m out. I’ve turned 10k into 75 on shit coins today. It’s like playing the rocket game on DK. I love it!!
After all this chaos, Arkham Intelligence reports that within a day of investing in meme-themed cryptos, he earned $75k in profits. Interestingly, the crypto meme coin trader has come victorious over the losses, netting a profit of $75k. However, controversy followed soon, as investors hinted at the pump and dump practices.
Did Dave Portnoy Dump His Tokens For Profit?
Though crypto meme coin trader Dave Portnoy has achieved significant market success, not everyone is thrilled. Fellow investors have accused him of dumping his tokens for profit, causing others to lose money.
Interestingly, these accusations were not made for the first time, but the Portnoy has accepted the dumping, calling it a necessary practice to earn profits. Earlier, the trader turned $10,000 into $70,000 by dumping tokens like MONTOYA and others.
I told you what I’m doing. I said I’m going to buy the coins and I’m going to dump them. I’m trying to make money.
He claimed it had to be done because he was trying to make money, and everyone knew the risk of participating in this market.
Are Meme Coins Dead? Theory Says So
Amid the broader crypto market turbulence, meme-themed cryptocurrencies have been affected significantly. A CoinGape blog pointed out that meme coins’ market cap has crashed by a staggering $44 billion.
More importantly, this happened in short span of just three weeks under the influence of macroeconomic events, which affected investors’ sentiments. Moreover, the newly launched TRUMP and MELANIA meme coin of the Trump family ate all the liquidity, leaving others stranded.
This led to the ‘meme coin is dead’ theory, as experts believe the affected coins might never attain their prime after this loss. More importantly, some experts blamed Pump.Fun for destabilizing the market with millions of crypto coins launching and diverting the altcoin season cycle. Additional factors like US jobs data affect the altcoin market further.
However, the crypto meme coin trader experience brought optimism, showcasing that these tokens are gaining momentum.
What’s Next for Meme Coins?
Although many traders profit from trending meme coins, their high volatility should not be ignored. Considering this high volatility, the drop in the meme coin’s market cap happened as investors moved to utility-based tokens.
As a result, the outlook for these cryptos in 2025 seems uncertain. This is because the altcoin season might hit the market this year, which could divert the investor’s sentiments. Investors must cautiously trade in these cryptos instead of getting inspired by Dave Portnoy and his recent profit.
The post Crypto Meme Coin Trader Earns $75k in Day Amid Meme Coin is Dead Theory appeared first on CoinGape.
