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Turning '$11K to Half a Billion Dollars From Trading Memecoins': Tales From a Crypto Wealth Manager
Source: CryptoNewsNet Original Title: Turning ‘$11K to Half a Billion Dollars From Trading Memecoins’: Tales From a Crypto Wealth Manager Original Link: https://cryptonews.net/news/finance/32029367/ Jake Claver, CEO of Digital Ascension Group, a firm that helps wealthy individuals and their families navigate the world of cryptocurrency, recalls how one of his clients, “a gentleman from Dallas,” turned $11,000 into almost half a billion dollars, primarily from trading memecoins – culturally themed crypto tokens with no real utility whose valuations can fluctuate wildly.
The lucky investor, whom Claver got to know first as a friend, managed his own crypto. “He used a sniper bot [automated software that will buy and sell newly listed tokens in milliseconds according to certain parameters] that made him millions from memecoin trading,” Claver said.
Eventually, Claver persuaded his friend to attend one of the registered investment adviser’s (RIA) family office events, which led to a portion of the trader’s portfolio being rolled into XRP, the well-established native token of the Ripple network. “We saw a 6x on XRP so he did pretty well,” Claver said.