A cryptocurrency trader has managed to turn around $10,000 worth of Solana’s native SOL token into nearly $400,000 in just 10 minutes trading a little-known cryptocurrency on the cryptocurrency’s blockchain for a 3,900% gain in little time.
According to data shared by on-chain analysis service Lookonchain, the cryptocurrency trader spent 60 SOL worth around $9,900 to buy 89.18 million $HAPPY tokens, which were launched by pseudonymous crypto user bazingahappy who spent 85 SOL worth around $14,000 to buy 793 million tokens of the cryptocurrency, or 79.3% of the total supply.
Notably, bazingahappy rejected any involvement in the trader that turned $10,000 into nearly $400,000 in just 10 minutes, replying to Lookonchain in a post suggesting the service was confusing people.
As CryptoGlobe reported, some astute traders (or gamblers) have managed to capitalize on the meteoric rise of Solana (SOL)-based memecoins, realizing astronomical gains in the process, with data showing, for example, one trader purchased a substantial amount of Dogwifhat (WIF) in December 2023 and has since seen a staggering 118,967% return on their investment.
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Another trader has also found success with MAGA (TRUMP), a memecoin inspired by former U.S. President Donald Trump, who is currently campaigning for the presidency once more, while another made millions worth Jeo Boden (BODEN).
Shortly after former U.S. President Donald J. Trump was convicted on 34 felony counts for falsifying business records involving reimbursements to his former lawyer Michael Cohen for hush money payments, several Trump-inspired meme-inspired cryptocurrencies were launched, with one trader making over $160,000 in just 5 hours from them.
These success stories highlight the potential for significant gains in the volatile world of cryptocurrency trading, particularly when it comes to memecoins built on the Solana blockchain.
However, it is crucial to remember that such astronomical returns are not the norm and that investing in memecoins carries a high level of risk. As with any investment, it is essential to conduct thorough research, exercise caution, and never invest more than one can afford to lose.
Featured Image via Unsplash
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- Source: https://www.cryptoglobe.com/latest/2024/06/solana-trader-turns-10000-into-400000-in-10-minutes-with-little-known-cryptocurrency/
