Cryptocurrency traders have made millions of dollars over the past week on BNB Chain’s small-cap coins, illustrating a new wave of speculative capital fueling the current market cycle.
According to blockchain intelligence platform LookonChain, among the most profitable investors is trader 0xD0A2, who turned an initial investment of $3,500 into $7.9 million, generating a 2,260x return in three days.
Trader “Hexiecs” turned his $360,000 investment into over $5.5 million by investing in the recently launched “4” memo coin.
According to LookonChain, other speculators have also jumped into the token.
This activity followed a trade earlier in the week where wallet “0x872” earned nearly $2 million in profits within hours of investing just $3,000 in four tokens. The trader achieved a 650x return after Zhao reshared a post about the token to his 8.9 million X followers on October 1st.
The four tokens were created after a phishing attack on the BNB chain. There, the hackers reportedly made only $4,000 in profits before the community turned the event into a meme.
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Traders wake up to the potential of BNB Chain
Growing trader activity on the blockchain has drawn attention from industry watchers, including Zhao, who dubbed the phenomenon the “BNB meme SZN.”
According to Marwan Kawadri, Head of EMEA at BNB Chain, one of the main drivers of increased investor interest is recognizing BNB Chain’s potential for digital asset trading.
“The BNB chain has always been strong in Defi, but for now, it is becoming the heartbeat of Onchain Trading,” Kawadri added to Cointelegraph, amid a record of active addresses and decentralized exchange (DEX) trading volumes.
“What we are seeing with ‘BNB Meme SZN’ is a market waking up to the fact that the BNB Chain has become the dominant ecosystem for transactions. ”
New cryptocurrency trends are likely to gain traction faster on blockchain because “the community is built around a trading culture,” Kawadori said.
Related: “Diamond Hand” Investor turns $1k into $1 million when BNB crosses $1,000
The industry’s most successful traders, tracked as “smart money” traders on Nansen’s blockchain intelligence platform, have prioritized BNB-Native Mecoins.
The three largest cryptocurrencies purchased by Smart Money Traders were all BNB native tokens, according to Nansen data showing 24-hour inflows of these tokens.
According to Blockchain Data Visualization Platform Bubblemaps, more than 100,000 Onchain traders have bought into the new BNB native Memokine by Tuesday.
Of the 100,000 traders, addresses with more than $10 million made more than $1 million, 40 made more than $1 million, and 900 traders made more than $100,000.
MemeCoins are some of the most risky digital assets. Since they have no intrinsic value, these tokens rely solely on social sentiment to gain traction.
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