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Crypto traders are rushing to buy newly issued meme coins at any cost as the hype around these tokens continues to drive their prices skyward.
On-chain data has recently revealed that a trader paid a staggering amount of fees to acquire a large percentage of the supply of a newly-issued meme token called FOUR, based on the popular Crypto Twitter meme of "4."
Reports indicate that the trader spent 64 ether (ETH) on fees on Monday to get 84 ether worth of FOUR. The purchase cost over $120,000, but with the current value of the FOUR tokens sitting at $156,000, the trader has already made an unrealized profit of nearly $240,000. This trend shows the fervor with which traders are seeking out new opportunities in the crypto market.
According to DEXTools, FOUR tokens have seen trading volumes of $136 million on the first day of trading, with a market capitalization of $30 million as of Tuesday.
On-chain data has further revealed that top early FOUR buyers have already netted profits ranging from $240,000 to $2 million. These large profits indicate why traders are willing to pay high fees to purchase these tokens, as they hope to get in early and maximize their potential gains.
This trend in the crypto market highlights the growing popularity of meme coins and the frenzy surrounding their launch. While the hype and demand for these tokens continue to drive their prices upward, investors should be aware of the potential risks associated with investing in these volatile assets.
As always, it's important to conduct thorough research before making any investment decisions in the crypto market.
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