Akuma Inu price was one of the best-performing cryptocurrencies in the market this week as it jumped to a record high. It has moved from $0.00000118 in November last year to over $0.0009, transforming its market cap to over $603 million. This growth has made it the second-biggest meme coin in the Base Blockchain after Brett.
Trader Turns $1,422 to $13m Buying Akuma Inu
Akuma Inu’s surge has made many traders millions. Data shows that one trader invested $1,422 in the coin and has now made over $13.17 million in unrealized profits. He is currently at the top of the Akuma Inu PnL leaderboard.
This trader believes that Akuma Inu’s price has more upside since he has not sold his tokens yet. Instead, he has only sold tokens worth $17,379.
He is not alone, as other traders have invested millions in Akuma Inu. As shown below, three traders have made over $8 million investing in Akuma Inu, while three more have made over $7 million. Most of these investors continue to hold the token, with many of them realizing a small portion of the profits.
Akuma Inu’s investors likely believe the token will become a key player in the meme coin industry. Indeed, data shows that meme coins are a key part of the sector, with over $116 billion in market cap. While old coins like Dogecoin, Shiba Inu, and Pepe are the leaders, other newer tokens like Pudgy Penguins, Ai16z, Dogwifhat, and Brett have gained substantial market share.
A Bet on the Base Blockchain
Investing in Akuma Inu is also a bet on the Base Blockchain. Launched by Coinbase in 2023, Base has become a major player in the crypto industry as the biggest layer-2 blockchain. Its DEX protocol, like Aerodrome and Uniswap, handles billions in volume daily.
Bulls are also optimistic that major crypto exchanges will list Akuma Inu since it is now being traded in DEX networks like Uniswap and PancakeSwap. Only Gate.io has listed the token, leaving the door open for companies like Coinbase and Binance to list it.
Still, there is a risk that the Akuma Inu price will reverse, as it enters the markdown phase of the Wyckoff Method. We have seen price action in the meme coin industry, as tokens like Moo Deng, Ponke, and Non-Playable Coin surged and then crashed.
