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Crypto trader turns 1 ETH into $488,000 in 5 hours trading this token

Crypto trader turns 1 ETH into $488,000 in 5 hours trading this token

The ongoing crypto market rally, despite being but a few months old, has already seen  numerous exciting developments. 

Along with the major developments such as the approvals of Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs), the BTC halving, and a string of developments in the fight between Ripple Labs and the SEC, the bull run has featured multiple new all-time highs (ATH) for various cryptocurrencies, and the launch of many new coins and tokens.

One crypto trader has seemingly scored a jackpot with a very new celebrity-themed token – Caitlyn Jenner (JENNER).

In the evening of May 29, the trader used 1 ETH (~$3,717.54) to acquire nearly 430 million JENNER tokens – a significant 43% of the total supply – per the data made available through Etherscan.

The address actively trading JENNER along with the three most recent trades at press time. Source: Etherscan

Since then, the same trader offloaded 393 million JENNER for 89 Ether (~$330,000) across 91 transfers. By the time of publication on Thursday, May 30, they still hold approximately 16 million JENNER worth about $104,000, and no new trades have been recorded since around 10 PM EST.

Crypto community continues generating rags-to-riches stories

The JENNER trader is far from an isolated case in the ongoing bull market. A day ago, on May 29, Finbold reported that one crypto investor managed to multiply the value of his investment by a staggering 419 times by selling the popular meme coin Shiba Inu (SHIB) they have held for approximately three years.

Additionally, back in March, one crypto trader managed to make as much as $1 million within minutes by trading the then-brand-new Solana (SOL) meme coin, Slerf (SLERF).

Interestingly, however, while many investors have managed to make it big trading new cryptocurrencies, Slerf’s launch also serves as a cautionary tale, given that one of the persons behind it accidentally burned tokens worth approximately $10 million immediately upon launch.

Elsewhere, old-fashioned scams also persist, as evidenced by an incident surrounding CondomSOL, the launch of which was marked by a classic rug pull that saw the team run off with about $1 million in loot.

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