Lookonchain Analysis: Revealing The Number Of Losses In Meme Coin Trading

Lookonchain, a blockchain analytics platform, analyzed the trading history of a meme coin trader known as 0xSisyphus. This trader traded 21 MEME coins in the past 30 days and lost money on 12 coins, with a winning rate of only 43% and a total loss of 12.62 ETH ($24K).

Is it profitable to buy #MEME coins?

We noticed that @0xSisyphus traded 21 #MEME coins in the past 30 days.

He lost money on 12 coins, with a winning rate of only 43%, and a total loss of 12.62 $ETH ($24K).

And he also spent 2.2 $ETH ($4K) on gas fees. pic.twitter.com/feV7ePjpIn

— Lookonchain (@lookonchain) May 14, 2023

On top of that, he also spent 2.2 ETH ($4K) on gas fees. These numbers show that investing in meme coins is less lucrative than some think.

In another case, Lookonchain reported that a trader lost 100 ETH ($190K) on LADYS. This trader withdrew 174 ETH ($321K) from Gate.io and bought 2T LADYS at $0.0000001504. Unfortunately, he only sold for 73.5 ETH($130K) at a price of $0.00000006142. These losses are a stark reminder of the risks of investing in meme coins.

Buying #MEME coin is risky, keep your funds safe!

This guy lost 100 $ETH ($190K) on $LADYS.

He withdrew 174 $ETH ($321K) from https://t.co/Q1M8T0O4yl and bought 2T $LADYS at $0.0000001504.

Then only sold for 73.5 $ETH($130K) at a price of $0.00000006142. pic.twitter.com/XEByhIe0PW

— Lookonchain (@lookonchain) May 12, 2023

However, there are exceptions, and some traders have made significant profits from investing in meme coins. A trader, known as SmartMoney, made 1,219 ETH($2.2M) on PEPE. He then spent 1,173 ETH ($2.1M) to repurchase 1.33T PEPE at a buying price of $0.000001586. He bought 2.24T PEPE with 26 ETH($48K) at $0.00000002166 and sold for 1,245 ETH($2.24M) at $0.0000009985, with a gain of 48x. These gains are impressive but should not be taken as an indication that investing in meme coins is easy or risk-free.

A SmartMoney who made 1,219 $ETH($2.2M) on $PEPE spent 1,173 $ETH ($2.1M) to buy 1.33T $PEPE again 14 hrs ago, the buying price is $0.000001586.

He bought 2.24T $PEPE with 26 $ETH($48K) at $0.00000002166, then sold for 1,245 $ETH($2.24M) at $0.0000009985, with a gain of 48x. pic.twitter.com/DA2FlIHo00

— Lookonchain (@lookonchain) May 13, 2023

Meme coins have been a hot topic in the crypto world, with many investors looking for the next big thing. However, investing in meme coins is not for the faint-hearted. The risks are high, and most people end up losing money on meme coins and spending a lot of money on gas fees.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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