A cryptocurrency wallet known as Sniper 0xD3c turned just $160 into a staggering $150,000 overnight.
According to the development reported by cryptocurrency onchain tracking platform Arkham, this success story is linked to the launch of OpenAI's text-to-video AI tool 'Sora' and a memecoin inspired by the launch of this tool.
Last night, OpenAI introduced its innovative text-to-video AI, 'Sora'. Almost simultaneously, SORA, a memecoin of the same name, was launched. It should be noted that this cryptocurrency project has nothing to do with OpenAI's tool.
Over the past day, 23 different token pairs containing the word “Sora” have been released on Uniswap. However, only one of these tokens managed to break the $10 million market cap mark.
Sniper 0xD3c had been actively trading on this wallet for almost a month and had spent around $15,000 on over 60 new launches. Despite his efforts, he had only made a total profit of $5,000.
In the block where SORA was launched, wallet 0xD3c purchased $167 worth of tokens from this memecoin. Immediately afterwards, he lost 20% of the tokens he purchased due to taxes in the pool. Despite not being the first to move, 0xD3c's strategy paid off as he placed 20th out of 37 total snipers in SORA's first trading block.
Unlike most snipers who sell their tokens within hours or even minutes of launch, 0xD3c held the bulk of its position for at least 12 hours. This strategy seems to have produced an incredibly high return.
As of now, 0xD3c has sold $110,000 of the coin and still holds about $40,000.
However, it's important to remember that the memecoin in question has no intrinsic value and is simply trying to capitalize on the hype surrounding OpenAI's new product.
*This is not investment advice.