A savvy cryptocurrency investor has made a significant windfall, transforming an initial investment of just $3,000 into a staggering $9 million in a mere three days. The secret to this extraordinary return? A gamble on the low-market capitalization memecoin, Numogram (GNON), which launched on October 17.
According to on-chain analytics firm Lookonchain, the trader strategically acquired 56 million GNON tokens across three separate wallets. As the token’s price surged by an astonishing 3,000% over the following days, the investor’s profit skyrocketed to $9 million.
While GNON lacks any underlying utility, it joins the ranks of other memecoins that have catapulted investors to immense wealth. Just last May, a trader achieved a similar feat, turning $3,000 into a staggering $46 million through investments in the popular memecoin, Pepe.
The recent surge in GNON’s value can be attributed to its listing on the memecoin trading platform Moonshot on October 19. This listing ignited a buying frenzy, driving GNON’s price up by over 233% in a single day. As of October 20, the token was trading at $0.1505.
However, experts caution that GNON’s meteoric rise may not be sustainable. Without any fundamental factors to support long-term growth, its value is primarily driven by social media hype and speculative trading.
As traditional markets continue to disappoint younger investors, the allure of memecoins and their potential for rapid gains has grown increasingly attractive.