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A ‘patient’ cryptocurrency trader has managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
That’s according to data from on-chain analysis service Lookonchain, which revealed that the trader spent a total of 60 SOL tokens with $8,673 to buy 24.8 million tokens of $HAMMY, a little-known cryptocurrency that at the time of purchase was trading at just $0.00035 per token.
The trader’s restraint from selling the token as it went up paid off, as a month later the price rose to $0.007 and his gain would have already exceeded 20x. Nevertheless they kept on holding onto their assets and on May 4, they should 12.8 million $HAMMY for 2,711 SOL worth over $400,000 at $0.0313, while keeping 12 million $HAMMY worth over $850,000 in their wallet.
This trader is so patient!
— Lookonchain (@lookonchain) May 7, 2024
He turned 60 $SOL($8,673) into $1.26M in 2 months, a gain of 144x!
He spent 60 $SOL($8,673) to buy 24.8M $HAMMY at $0.00035 on Mar 10.
About a month later, the price rose to $0.007, and his gain had exceeded 20x, but he did not sell for profit.… pic.twitter.com/7k66nwgQOZ
Their total profit on the HAMMY investment sits at a staggering $1.25 million, representing a near 14,400% return on their initial investment in just two months.
The trader’s gains come after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snpe” a large portion of a newly launched cryptocurrency’s supply.
According to on-chain analysis service Lookonchain, the cryptocurrency ‘sniper’ managed to acquire 665 million $QUACK tokens as they first started trading, and later sold the tokens for a significant profit of over $700,000 as its price surged, before the dump led to a downturn.
As CryptoGlobe reported, the team behind a project recently managed to turn just over $6,400 worth of cryptocurrency into over $8.28 million in a single day through the launch of such a meme-inspired cryptocurrency.
In another case, a trader turned an initial investment of $49,000 into nearly $2 million within just five hours with a newly launched memecoin as well. While insiders have been benefitting, the wider memecoin trend has seen traders make—and lose—fortunes in relatively short amounts of time.
One trader, for example, managed a loss of $46,000 in just three minutes after the price of the token, Milady Wif Hat ($LADYF) plunged. The incident highlights several key factors native to the cryptocurrency space, which include the volatility inherent to it that’s especially present in lesser-known and meme-inspired cryptocurrencies and the liquidity issues that these newly launched tokens can have, forcing traders to suffer significant losses due to slippage.
In another case, a memecoin saw a dramatic price rise of over 3000% over a 24-hour period, and a cryptocurrency trader managed to take advantage by betting 50 $SOL, worth around $9,000, in the cryptocurrency. Its rise has seen them make a profit of over $123,000.
In another case, a cryptocurrency trader managed to make a profit of over $3 million trading a newly launched Solana-based memecoin within just 12 minutes after betting nearly $2 million on it right after it started trading.
In yet another incident, a trader, identified on-chain by the alias “sundayfunday.sol,” turned a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
Featured image via Unsplash.