A cryptocurrency trader turned a $120 investment into $205,000 by betting on the $BNB Chain memecoin NiuLai. He purchased 19.1 million NiuLai tokens for just $120, after which the token's value increased tremendously.
The fortunate investor sold 9.1 million tokens for $25,900 while retaining 10 million tokens worth approximately $180,200, according to data provided by Lookonchain.
The total realized and unrealized profit amounted to $205,800, representing a return of 822 times the initial investment.
Blockchain data shows the trader opened the position when the token's market capitalization was only $6,270. As interest in the asset grew, NiuLai's market value rose to tens of millions of dollars.
NiuLai translates to "Bull is Coming" or "Here Comes the Bull." It is a memecoin on the $BNB Chain, inspired by the Chinese animated film of the same name.
This low-budget film initially did not attract attention but later went viral on Chinese social media platforms. As clips and images spread online, the film became a meme subject, boosting its popularity.
The growing online hype quickly spilled over into the cryptocurrency market, where the speculative asset was promptly launched.
Early buyers of NiuLai made huge profits as the token's market capitalization grew from a few thousand dollars to $18-20 million, driven by high activity on PancakeSwap and other decentralized exchanges. At one point, the market capitalization peaked at $29 million before sharply declining.
