A trader turned $29 into $125K with a 4,330X return on the Mbappe token in minutes.
Another investor lost $1.03M when the Mbappe token's value crashed within an hour.
The Mbappe token's volatility was driven by a hack of Kylian Mbappe’s X account.
The Mbappe meme coin's recent surge has brought attention to how erratic cryptocurrency trading can be. Lookonchain, a notable analytics platform, shared a remarkable case about a trader who made a substantial profit on a small investment.
Surprisingly, with just $29 invested in the recently released Mbappe token, this person made an astounding 4,330X profit. The investment increased from 0.2 SOL to 866.13 SOL, or $125,000, in just three minutes.
https://twitter.com/lookonchain/status/1828986291335377338 Impressive Returns Amidst High-Risk Environment
Notably, this astounding gain is indicative of the extreme highs and lows that meme coin markets are known for. As part of their strategy, the trader invested between 0.1 and 0.3 SOL in 251 meme-themed cryptocurrencies, thereby diversifying their holdings.
Furthermore, with a winning percentage of 35.46% made possible by this strategy, a profit of $126,700 was made over the course of the previous month. Such success highlights the possible gains that can be had, if one can successfully manage the inherent risks of the market.
However, another investor suffered serious financial losses as a result of the same token. This person lost a lot of money on their $1.03 million investment in Mbappe because the token's value fell. The investment lost all of its original value, which was 7,156 SOL, to just $9,200. An hour after the investment was made, there was a sharp decline that was followed by this significant change.
https://twitter.com/lookonchain/status/1828981144341360747 Market Manipulation and Security Risks
Kylian Mbappe, a star football player from France, was involved in a security breach that caused sharp swings in the value of the Mbappe token. Mbappe's X account was compromised by a hacker, who then used it to aggressively promote the token.
Notably, the token's market cap quickly increased as a result of this promotion, but it quickly dropped when the hacker used up all of the tokens. These kinds of incidents highlight the continuous dangers connected to market manipulation and celebrity endorsements in the cryptocurrency space.
Furthermore, this scenario is similar to previous instances where the cryptocurrency markets were influenced by hackers using celebrities' social media accounts. DOJA Cat's X account was hacked, among other similar incidents that have historically caused market volatility.
The post Trader Turns $29 Into $125K in Just 3 Minutes Amid Token Surge appeared first on Crypto News Land.
