Gate News message, April 28 — Elon Musk’s repeated jabs at OpenAI CEO Sam Altman using the phrase “Scam Altman” on X early today ignited the Meme coin market, triggering rapid gains in Solana-based Meme token SCAM. The token surged shortly after launch, with its market cap reaching a peak of $15 million and currently trading at $12 million.
Onchain-known Meme trader CryptoD (X: CryptoDevinL) capitalized on the momentum by buying into SCAM within two minutes of its migration to external exchanges. The trader invested 20 SOL (approximately $1,670) at an early stage when the token’s market cap was around $150,000, acquiring 13.1 million SCAM tokens. To date, CryptoD has partially exited approximately 7.3 million tokens for profit, with remaining positions showing unrealized gains of $67,000—a return rate of 8,220%.
BlockBeats reminds users that Meme coin trading involves extreme volatility and relies heavily on market sentiment and narrative hype, with no underlying utility or intrinsic value. Investors should exercise caution.
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