A savvy cryptocurrency investor has successfully escalated a $10,000 stake in Solana’s SOL token to an impressive $400,000. This feat was achieved within a mere 10 minutes by trading an obscure digital currency on Solana’s platform, resulting in a staggering 3,900% profit in an astonishingly brief timeframe.
Lookonchain, a company that conducts on-chain analysis, divulged that the investor utilized 60 SOL, equivalent to about $9,900, for the acquisition of 89.18 million $HAPPY tokens. These tokens were initially introduced by an anonymous crypto enthusiast, bazingahappy, who invested 85 SOL (approximate value of $14,000) in purchasing 793 million units, which constitutes 79.3% of the token’s entire circulation..
Significantly, bazingahappy has distanced themselves from the individual who escalated the $10,000 investment to nearly $400,000 in ten minutes. They addressed this through a reply to Lookonchain’s post, insinuating that there might be some confusion being circulated.
As reported by CryptoGlobe, there have been several sharp traders (or speculators) who have greatly benefited from the surging popularity of memecoins on the Solana (SOL) network, achieving monumental returns, as evidenced by data. For instance, one investor amassed a large quantity of Dogwifhat (WIF) in December of 2023 and has enjoyed an extraordinary 118,967% yield since then.
Success stories also include a trader who profited from MAGA (TRUMP), a cryptocurrency that draws inspiration from ex-U.S. President Donald Trump’s presidency bid, and another who earned a fortune from Jeo Boden (BODEN) tokens.
In the wake of the conviction of former U.S. President Donald J. Trump on 34 charges of falsifying business records linked to repayments to his preceding attorney Michael Cohen for silence payments, the market saw the introduction of several meme-centric cryptocurrencies themed around Trump. One such story features an investor who earned more than $160,000 within 5 hours from these currencies.
These narratives underscore the high-earning potential that exists in the tumultuous domain of cryptocurrency, especially with memecoins on the Solana blockchain.
Nonetheless, it is vital to comprehend that such extraordinary profits are the exception and not the norm. The nature of investing in memecoins bears substantial risk. Prudent investors should conduct comprehensive due diligence, proceed with caution, and only invest what they can afford to lose.
Featured Image via Unsplash
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- Source: https://cryptoinfonet.com/crypto-trading/trader-transforms-10000-to-400000-in-just-10-minutes-using-obscure-solana-based-digital-asset/
