Crypto Trader Makes $4.5M in 30 Minutes on ENRON Memecoin

In a remarkable turn of events, a crypto trader has reportedly made a $4.5 million profit in just 30 minutes by trading in the newly launched ENRON memecoin. This high-stakes trade has caught the attention of the crypto community, with some speculating about potential insider trading.

The trader, who remains unidentified, invested $900,000 to buy $11.66 million worth of ENRON tokens. According to a post by Lookonchain, the trader acted swiftly and purchased the tokens seconds after the creators announced the contract address. Within less than 30 minutes, the trader sold all the tokens, cashing out $5.3 million at the ENRON price peak. This trade resulted in a net profit of $4.4 million for the trader.

Another trader also managed to make significant profits from the ENRON memecoin. This trader spent $1.2 million to purchase 10.75 million ENRON tokens and sold them within 12 minutes, yielding a 246.4% return and a profit of $3.94 million.

The ENRON memecoin, launched by the energy sector giant Enron before its bankruptcy in 2001, initially had a market capitalization of $500 million. However, it surged to $900 million within a short period. Despite the initial surge, the market's volatility played its role, and the valuation dropped by 70% to $250 million within 30 minutes.

At present, the ENRON memecoin trades at $0.1654, with a market capitalization of $165.4 million and a 24-hour trading volume of $101.6 million. Despite the significant demand, investors should be aware of the high volatility associated with newly launched tokens.

Meme coins have become increasingly popular in the crypto market, with the ENRON memecoin being the latest addition. While the trader's $4.4 million profit in 30 minutes highlights the potential profitability of the market, investors should be cautious and conduct thorough research before engaging in such trades, as high volatility can lead to significant losses.