A smart trader made over $3.2 million in profit despite the overall cryptocurrency market declining, still recovering from the lack of liquidity during the holiday season.
An unidentified trader turned an initial investment of $2,137 into over $3.2 million by trading the newly launched Hyperfy (HYPER) Token.
This profit is equivalent to more than 1,500 times the initial investment in just 10 hours, according to the blockchain analysis platform Lookonchain, which detailed this feat in a post on X on January 6:
"Turning $2,137 into $3.24 million in just 10 hours—a profit of 1,515 times… Since then, the trader has locked in profits, selling a total of 17.88 million HYPER for 10.286 SOL ($2.21 million) and still holding 4.12 million HYPER ($1.03 million)."
The selling model of the smart Hyper trader. Source: Lookonchain
Hyper was launched on Raydium at 1:45 AM UTC on January 6 as a utility Token of the Hyperfy metaverse and gaming platform.
See more: Hashkey Group launches layer-2 Ethereum Hashkey Chain mainnet
HYPER/USD, all-time chart. Source: Raydium
The price of the Hyper Token peaked at $0.26 at 12:30 PM UTC before dropping to $0.19 at 2:15 PM. Its market capitalization now exceeds $198 million, according to Raydium data.
Some traders achieved million-dollar profits even as the cryptocurrency market corrected.
Some cryptocurrency traders have made millions even as the cryptocurrency market is in decline, with Bitcoin (BTC) trading below $100,000 since December 19, according to TinTucBitcoin data.
At the end of December, another smart trader earned over $1.1 million in unrealized profit within two days with his 5x leveraged short position on Ether (ETH).
Short selling involves borrowing the underlying cryptocurrency, selling it at the current price, and then buying it back at a lower price, allowing the trader to capitalize on a downward market trend.
Other traders are taking advantage of the volatility of memecoins despite the lack of fundamental utility.
On December 14, a cryptocurrency trader turned $27 into $52 million by taking advantage of the Pepe (PEPE) memecoin surge. This anonymous trader held their initial investment for over 600 days.
PEPE is the second best-performing cryptocurrency in the top 100 Tokens of 2024 after gaining over 1,600% profit this year.
