According to on-chain monitoring from Spot On Chain, a trader known as “0x572” has made a significant investment in the Milady Cult Coin (CULT) token.
Specifically, the trader spent 207 ETH, equivalent to around $754,000, to acquire 127.89 million CULT tokens.
This purchase was made just 6 hours ago, indicating the trader’s belief in the long-term potential of the CULT token despite its recent price decline.
Trader’s Memecoin Profits Exceed $1.76 Million
In addition to the CULT token purchase, the same trader, “0x572”, currently holds unrealized profits of $1.76 million from their positions in two popular memecoins – MOG (+244%) and PEPE (+187%).
This substantial profit suggests the trader’s acumen in identifying and capitalizing on the volatility and potential of certain meme-inspired cryptocurrency projects.
Also Read: Smart WIF Trader Withdraws $3.4M WIF from Binance, Nets $930K Profit Over 6 Trades
Other Whale Activity in CULT Token
Interestingly, the trader “blurr.eth” has also been active in the CULT token market over the past two days.
This whale-sized investor exchanged 80,000 EIGEN tokens, worth approximately $360,000, for 58.28 million CULT tokens.
This transaction highlights the continued appeal of the CULT token among savvy cryptocurrency investors, even as the project faces ongoing controversies and price fluctuations.
CULT Token’s Recent Price Decline
Despite the notable purchases by these traders, the price of the Milady Cult Coin (CULT) token has experienced a decline in the last 24 hours.
The current price of CULT stands at $0.005719, representing a 5.14% decrease over the previous day.
With a circulating supply of 42 billion CULT and a market capitalization of $241,308,383, the token’s valuation remains substantial, reflecting the continued interest and speculation surrounding the project.
Implications for the CULT Token and Cryptocurrency Landscape
The actions of these savvy cryptocurrency traders, who are willing to invest significant sums in the CULT token despite its price volatility, highlight the complex and dynamic nature of the broader cryptocurrency market.
While the CULT token has faced various challenges, the willingness of these investors to take large positions suggests they see potential value and growth opportunities in the project.
This event underscores the continued speculative nature of the cryptocurrency landscape, where even controversial or volatile tokens can attract the attention of experienced traders seeking to capitalize on market movements.
Also Read: Crypto Trader Turns $3K Into $73M with Massive 24,656x Gains on PEPE