dailyhodl.com
Blockchain tracking platform Lookonchain says a crypto trader has turned less than ten thousand dollars into millions in just one month by betting on a crypto project built in the Solana ($SOL) ecosystem.
According to Lookonchain, the unidentified trader purchased the native token of the social finance (SocialFi) crypto project Launch Coin on Believe (LAUNCHCOIN) worth approximately $9,075 and turned it into $4.7 million, a 517x return.
Lookonchain further says another trader, pseudonymously known as Pow, has recorded an over 7x return on LAUNCHCOIN.
“From near zero to $2.7 million — absolute legend!
Three months ago, @traderpow spent 1,466 $SOL ($367,000) to buy 17.66 million LAUNCHCOIN, only to watch it crash approximately 99%.
But he held on.
Now, with LAUNCHCOIN breaking a $150 million market cap, his 17.66 million LAUNCHCOIN is worth $2.7 million!”
The blockchain tracking platform is also highlighting a trader who recorded a loss running into hundreds of thousands of dollars following a slump in the price of LAUNCHCOIN about three months ago.
“If this trader had been more patient, he could have made $7.3 million instead of losing $800,000.
Three months ago, he bought 45 million LAUNCHCOIN near the top, spending approximately $828,000.
But shortly after, LAUNCHCOIN crashed by over 90%.
He sold all 45 million LAUNCHCOIN (now valued at $8.2 million) for only $29,000 at a loss of $800,000.”
LAUNCHCOIN is trading at $0.191 at time of writing, up by 7,000% from the May 8th low of $0.00269. LAUNCHCOIN currently ranks 316th by market cap, which is slightly over $195 million.
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Generated Image: Midjourney