It became known which cryptocurrencies helped an investor to earn $ 1 million in just a month

Editor’s note: not financial advice!

Research company Lookonchain has reported about an investor who managed to earn more than $ 1 million in a month on cryptocurrencies. According to analysts, the user turned out to be a «hunter» for memtokens, which brought him large profits.

Over the course of the month, the trader traded 104 memecurrencies, 66 of which brought him an average profit of 63.5%. The most profitable transactions were with REFUND (RFD), Pepe (PEPE), and Wojak (WOJAK) coins, which increased the user’s capital by $ 345,306, $ 248,697, and $ 122,633, respectively.

The digital asset trader managed to break even not only thanks to profitable trades but also by reducing losses. In order not to go broke, the trader quickly got rid of unfavorable tokens and therefore lost only $ 11,306 (compared to the amount of earnings) — all due to the collapse of the Ribbit cryptocurrency (RIBT).

It is worth noting that experts once again warn about the danger of memtokens like PEPE. They are often developed by cryptocurrency fraudsters who can resort to blocking, theft, and large-scale dumping of a digital asset at any time.

Memtokens are not backed by any valuable asset, and most of them will not be able to become full-fledged cryptocurrencies in the future. Nevertheless, due to the volatile exchange rate, some of them are used as a tool for speculative transactions. The unstable exchange rate of memcryptocurrencies is, in particular, provoked by the statements and actions of major players in the crypto market.