While many in the cryptocurrency space adopt a “buy and hold” strategy, there are various active traders pursuing increasingly risky strategies in a bid to turn their balances into millions. One trader recently struck gold, managing to snipe the launch of a cryptocurrency to make over $1.25 million in just eight minutes.
According to data shared by on-chain analysis service Lookonchain, the trader spent 82 Solana (SOL) tokens to acquire 268.12 million BUZZ tokens, equivalent to 26.8% of the cryptocurrency’s supply. The trader paid a fee of 49 SOL, worth around $10,500.
The trader then quickly sold all of their BUZZ tokens for 6,090 SOL worth around $1.26 million, making a profit of 6,008 SOL tokens in just eight minutes.
Several traders have successfully profited from memecoin investments this year. One trader, known on-chain as “sundayfunday.sol,” transformed a $72,000 investment into a substantial $30 million within three days by trading a lesser-known cryptocurrency.
As reported, a diligent cryptocurrency trader recently achieved a remarkable turnaround, converting $8,600 into over $1.26 million after investing in a lesser-known cryptocurrency and holding onto it for two months to secure a gain of 144x.
Another trader’s success involved converting 500 SOL tokens worth approximately $67,000 into 5,789 SOL worth over $780,000 within 15 minutes by swiftly acquiring a significant portion of a newly launched cryptocurrency’s supply.
However, it is important to acknowledge that there have also been substantial losses. A Solana trader incurred a $37,000 loss due to impulsive trading patterns related to memecoins. It is crucial to recognize that memecoins exhibit extreme volatility and speculative nature, and while instances of successful trades are often highlighted, those of unsuccessful trades tend to be overlooked.
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