Crypto trader turns $1,491 into $1.2 million in 7 hours

Crypto trader Rohun Vora, founder of the Solana (SOL)-based Non-Fungible Tokens (NFTs) DeGods and y00ts, has turned $1,491 into $1.2 million in less than half a day. 

On <a href="https://xpertsstudio.com/ethereum-price-dynamics-and-cryptocurrency-landscape-for-september-2023/” title=”Ethereum Price Dynamics and Cryptocurrency Landscape for September 2023″>September 4, 2026, at 5:00 AM, Vora spent $1,491 to purchase 11 million tokens of A Meme Coin (AMC), when it had a market capitalization of about $135,300, according to on-chain data analyzed by Lookonchain. By around 12:00 PM on Friday, this memecoin had surged roughly 561,613.07%, thereby pushing the token’s market cap to approximately $109.9 million.

As such, Vora saw his initial investment in AMC return $1,198,509 at the time of analysis, representing an upside of 81,025% in 7 hours.

The AMC token skyrocketed over the past 24 hours, catalyzed by a heated stock-tokenization debate between Adam Aron, CEO of AMC Entertainment Holdings, Inc. (NYSE: AMC), and Vlad Tenev of Robinhood Markets, Inc. (NASDAQ: HOOD), earlier in the day. 

Aron threatened to sue Robinhood for tokenizing AMC stock, on the basis that they are not registered under United States securities laws.

“I find this practice to be contemptible, outrageous, disgusting, detestable, inexcusable, vile. How can it possibly be legal? We have no connection to this at all, and do not condone it in any way,” Aron stated.

Is this a good time to buy this crypto asset?

At the time of publication, this crypto token, based on the Roninhood Chain, had a fully diluted valuation (FDV) of about $89.8 million, as per metrics from CoinMarketCap. Since its market cap reached an all-time high (ATH) of slightly above $180 million, it has been on the decline, thus lowering Vora’s holdings to $980,527.

If the stock’s tokenization bid between the CEOs of AMC and Robinhood continues, this memecoin could attract more volume. At the time of publication, the AMC meme had a reported locked liquidity of $10.3 million, and a traded volume of $154.5 million.

Source: finbold.com