In a wild turn of events, a crypto trader turned $3,762 into a life-changing $3.7 million in just five days! But wait, there’s more… This same trader just experienced a dramatic downfall after investing in a celebrity token. LookonChain, a major blockchain analytics platform, dives into this rollercoaster ride, revealing how fortunes can be made and lost in the blink of an eye in the crazy world of crypto.
Can lightning strike twice? Read on to find out!
The Ups and Downs of Crypto Trading
While some traders rake in big profits, others face steep losses, highlighting the risky nature of the market. LookonChain recently tweeted about a trader who experienced both extremes. After making a jaw-dropping $3.7 million trading BOME tokens, the trader hit a rough patch with the JENNER token.
First, the trader invested 2,620 SOL coins in BOME tokens, selling them for 21,159 SOL, pocketing a profit of 18,539 SOL, or around $3.7 million, in just five days.
However, the trader’s fortunes took a downturn when the trader decided to invest 1,208 SOL in $Jenner. Despite their previous success, the trader ended up selling $Jenner for only 423 $SOL, incurring a loss of 785 SOL which was worth approximately around ($133.4k) within just one day.
The Weird World of Celebrity Tokens
The crypto market can be extra unpredictable for tokens backed by celebrities or driven by hype. According to LookonChain, the trader’s strategy involved capitalizing on the fame of celebrity tokens, especially Jenner, on the Ethereum blockchain.
Starting with just 1 Ethereum (about $3,762), the trader snagged 429.28 million Jenner tokens, representing about 43% of the total supply. After that, the trader quickly sold off 393 million Jenner tokens, making a profit of 89 Ethereum, or $338,000 at the time.
Despite this quick move, the trader still has 36.3 million Jenner tokens, valued at roughly $150,000.
This story shows the potential for big profits in the crypto market, but it also serves as a reminder of its unpredictability and the need to manage risks. In the world of cryptocurrency, fortunes can change in an instant, urging traders to stay sharp and strategic.
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This trader went all-in on a celebrity token. Would you ever take such a big risk?
