cryptoglobe.com
A cryptocurrency trader has managed to win a “lottery ticket” by scoring a 4,906x gain on their small cryptocurrency investment to make a life-changing sum with just $30 to start, turning the funds into a whopping $147,000.
According to on-chain analysis service Lookonchain, the cryptocurrency trader struck an incredibly lucky streak by adopting a high-risk, high-reward strategy involving meme coins, a sub-sector of the crypto market known for its extreme volatility, and small bets worth fractions of one Solana (SOL) token.
The trader diversified their investments in these memecoins as if they were buying lottery tickets for 0.1, 0.2, or 0.3 SOL into each memecoin, and caught their winning “lottery ticket” with $AGORA, buying up tokens with $30 and then selling 2 million of them for $100,000.
The trader also managed to acquire 959,000 $MILK tokens worth $47,000 that they haven’t sold yet. In total, the trader’s initial $30 investment has ballooned to a staggering $147,000, representing a return of 4,906 times their investment.
This guy won a 4,906x lottery ticket today, so lucky!
— Lookonchain (@lookonchain) May 7, 2024
He trades MEMEcoins like buying a lottery ticket, investing 0.1/0.2/0.3 $SOL for each #MEMEcoins.
He invested 0.2 $SOL($30) in $AGORA today, then sold 2M $AGORA for $100K, with 959K $MILK(worth $47K) left.
So he turned $30… pic.twitter.com/fnJDQnavfI
This windfall highlights the potential for explosive growth within the memecoin market, but also underscores the inherent risks involved. The vast majority of meme coins experience significant price fluctuations and ultimately fizzle out, leaving investors with nothing.
Notably, Solana whales have been buying up memecoins amid a recent cryptocurrency market downturn that has seen the prices of these assets plunge.
According to data shared by on-chain analysis service Lookonchain, these Solana whales actively started accumulating memecoins as prices started dropping, with two major whales accumulating memecoins including Sloth-theme coin Slerf ($SLERF), Pepe-themed Book of Meme ($BOME,) and Jode Biden-based Jeo Boden ($BODEN).
The whales accumulated these tokens from popular cryptocurrency exchanges including KuCoin and Binance, with one whale moving 31,916 SOL worth over 44.5 million from KuCoin to spend nearly $300,000 on BODEN.
Another whale moved $2.25 million off of leading cryptocurrency exchange Biden, and then used up $1.12 million to buy SLERF, and $660,000 to buy BOME.
Featured image via Unsplash.