Trader Earns 158,600% Profit on Memecoin in Less Than 24 Hours

In a matter of hours, the trader managed to turn a modest $304 investment into a whopping $482,000 by buying 43.94 million units of the Bubb (BUBB) token and then selling off a portion for $122,000.

This marked an astonishing 1,500%+ return on investment. However, the token’s price quickly plummeted, with its market capitalization dropping from $43.7 million to $22.6 million within a short span of time.

The surge in interest around BUBB began on March 20, after Binance co-founder Yi He made a public comment on one of the token’s posts, sparking rumors of a potential listing on the exchange. Shortly thereafter, the unknown trader capitalized on the sudden market excitement.

Following this, allegations of insider trading began circulating among market participants, with some calling attention to what seemed like premeditated trades before the coin’s collapse.

The BUBB debacle comes on the heels of other recent memecoin crashes, including the Wolf (WOLF) token, which saw a 99% drop in value just a week earlier.

Launched by Hayden Davies, the WOLF token had gained massive attention, only to fall sharply after a significant portion of its supply was found to be concentrated in a single entity’s hands. Similarly, the collapse of the Libra token in recent weeks saw millions drained from the market, sparking political controversy as well.