A mysterious cryptocurrency wallet that was created right before billionaire Twitter, Tesla, and Space X CEO Elon Musk sent out a non-fungible token (NFT)-related tweet, has made an astounding 2,300% profit on that exact tweet.

The immense profit it made followed Musk’s tweet about Milady Meme Coin ($LADYS), a memecoin linked to the Milady Maker non-fungible token collection. The wallet purchased the asset an hour before Musk’s tweet, capitalizing on the ensuing surge in price.

According to blockchain analysis service Lookonchain, the mysterious address it uncovered was created just one hour ahead of Musk’s tweet. The wallet moved 25 Ethereum ($ETH) worth around $44,000 from leading cryptocurrency exchange Binance to buy on decentralized exchanges 8 trillion $LADYS tokens at a price of $0.000000005652. It was the only movement the address had.

The cryptocurrency the wallet acquired, LADYS, was launched earlier this month and managed to hit a high of $0.0000001757, an increase of well over 3,000%. The cryptocurrency’s price has since plunged, and is now trading at $0.00000006142, representing an early 1,000% gain for the whale.

According to LookonChain, another major cryptocurrency investor managed to grab around 2.15 trillion LADYS tokens ahead of Musk’s tweet, at a price of $0. 0.000000004035. The data shows the investor sold nearly half their tokens, resulting in a profit of approximately $302,000, a 35-fold increase.

As CryptoGlobe has been reported there is an ongoing memecoin trend in the cryptocurrency space. Recently, in a display of high-stakes speculation, three crypto whales have invested nearly $4 million in the meme-based cryptocurrency, $PEPE coin, despite the digital asset’s declining value.

When $PEPE was listed the meme-inspired cryptocurrency, leading exchange Binance cautioned potential investors that PEPE lacks any inherent utility or value support mechanism. PEPE has been accused of potential insider trading, as 7% of the total token supply was reportedly purchased by insiders or team members minutes after the token generation event.

Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.

Earlier, a  fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.

The rapid rise and potential volatility of meme coins pose significant risks to investors, especially those who may be new to the world of cryptocurrency, as many end up underwater after buying.

Image Credit

Featured Image via Unsplash