Benzinga - An anonymous trader earned $10,800 from investing only $51 on a memecoin named NVDA AI (CRYPTO: NVDA). The memecoin was spun up after the chipmaker giant reported higher-than-expected profit and revenue figures in its fourth-quarter earnings.
What Happened: According to Lookonchain data, the memecoin was spun up by the trader on the Solana (CRYPTO: SOL) blockchain after the chipmaker giant reported higher-than-expected profit and revenue figures in its fourth-quarter earnings. The trader then converted 0.5 Solana (CRYPTO: SOL) worth $51 into 106.5 Solana worth $10,800. This marked a gain of 210x within only two hours.
The trader purchased the token only 10 minutes after deployment — a very risky strategy for a newly launched token.
An X user suggested the trader might be the developer, speculating the trade was made to boost the token's price.
A prominent "shitcoiner and NFT collector" mentioned they could have made even more profit if they hadn't sold half their holdings so early.
Also Read: Fair Play? Traders Turn $3,694 Into $1.78 Million With Copy Of 'Dogecoin Killer' $WIF
Why It Matters: Following the reveal of OpenAI’s video-to-text model, Sora, AI-related cryptocurrencies have caught a wind.
Moreover, hype-related memecoin creations have become common in the cryptocurrency space.
For instance, memecoins have been created following tweets of Elon Musk and Vitalik Buterin.
Others, such as the GameStop memecoin or the MAGA coin, which experienced a significant surge in value following the former president’s win in the Republican Iowa Caucus, track famous companies and people.
However, many event-related memecoins are short-lived, with few surviving long enough to become a potential "Dogecoin (CRYPTO: DOGE) killer."
Read Next: Trading Strategies For Nvidia Stock Before And After Q4 Earnings
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