Since it started in earnest late last October, the ongoing crypto market rally has seen multiple well-executed trades that led to swift and impressive rags-to-riches stories.
Recent weeks, in particular, have generated multiple moves leading to savvy cryptocurrency traders growing their investments hundreds of times over within hours, with new reports seemingly emerging every few days.
The most recent of these took place on June 2 when one trader used 60 Solana (SOL) – at the time worth just under $10,000 – to purchase nearly 90 million of a fairly new cryptocurrency called HAPPY.
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Only 10 minutes later, the same address sold HAPPY for nearly 2,500 SOL – worth approximately $400,000 – per the observations made by Lookonchain on X.
In total, the investment rapidly grew as much as 3,900%.
HAPPY was launched by an X user known as bazingahappy, who, again, according to Lookonchain, previously spent approximately $14,000 worth of SOL to gain control of as much as 79% of the total supply of the cryptocurrency.
Bazingahappy, however, made a point of replying to Lookonchain to clarify they are not the one to have made the stunningly successful 10-minute trade.
Trading new cryptos remains risky despite the potential upsides
Though much has been said in recent weeks of traders who turned less than $1,000 into $650,000 in hours trading cryptocurrencies or those who grew their investments from tens of thousands to millions of dollars within days, it is important to remember that rags-to-riches stories are not the only staple of crypto bull markets to have reemerged in 2024.
Indeed, though trading altcoins and meme coins – and particularly newly-released such cryptocurrencies – is always risky, the dangers are only made greater by the fact that old-fashioned scams and simple yet costly mistakes are still more than common.
For example, one of the members of the team behind the fairly new Slerf (SLERF) meme coin accidentally burned $10 million worth of investments immediately upon the cryptocurrency’s launch.
Near the same time, another meme coin – CondomSOL – proved a simple rug pull, leaving many hopeful investors out in the cold.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
