A fortunate cryptocurrency trader has managed to turn around $462 worth of the native token of Solana, SOL, into nearly $1 million in just three hours, to secure a 2,141x return on a cryptocurrency that was newly launched.
According to data shared by on-chain analytics firm Lookonchain, the trader made $988,000 with their 2 SOL tokens after spending them to buy 18.89 million $QUANT, before selling 3.71 million $QUANT for 116 SOL worth $27,000, while keeping the rest in their wallet.
2 $SOL and a dream!This guy made $988K with only 2 $SOL($462) in just 3 hours, a 2,141x return!He spent 2 $SOL($462) to buy 18.89M $Quant and sold 3.71M $Quant for 116 $SOL($27K), leaving 15.18M $Quant($962K).Address:https://t.co/OPvf2DZJJ6 pic.twitter.com/X9dtLvDvw7
— Lookonchain (@lookonchain) November 20, 2024
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been other significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
Featured image via Unsplash.
