Benzinga - A trader is laughing all the way to the bank after having invested in a memecoin themed on Australian rapper Iggy Azalea, the latest in the growing fad of celebrity-endorsed cryptocurrencies.
What Happened: According to an X post by on-chain tracking platform Lookonchain on Thursday, the investor invested $777,000 to buy 50.35 million of the token, called MOTHER, from the period between May 29 and June 1.
In 8 days, his stash ballooned to $9.4 million, netting an eye-popping profit of 1110%. As of this writing, he continues to HODL, indicating that he is still bullish on the token.
In just 8 days, this trader turned $777K into $9.4M, earning $8.6M, an ROI of 1110%!He spent $777K to buy 50.35M $MOTHER from May 29 to Jun 1 and has held it until now, which is worth $9.4M currently.https://t.co/3XcigUTKTt pic.twitter.com/txSyXY3JZl
— Lookonchain (@lookonchain) June 6, 2024
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The token has been trending hot on social platforms since the rapper began aggressively pushing it via her official X account.
Since its launch last week, the Solana (CRYPTO: SOL)-based memecoin has amassed a market cap of more than $213 million, according to CoinMarketCap. In the last 24 hours, it gained 37%, with trading volume rising by 159% to $211 million.
Thankyou! I'm excited for what's in store as much as everyone else is tbh! ✨