In a dramatic twist of fortunes, a trader who once turned $3,762 into a whopping $3.7 million within five days faced crushing losses with the celebrity token Jenner. LookonChain, a prominent blockchain analytics platform reveals the ups and downs of crypto trading, highlighting how quickly fortunes can change.
While some traders enjoy big profits, others suffer steep losses, showing the risky nature of the market.
Trader Profit Turned Into Loss
According to the LookonChain tweet, a trader who had previously made $3.7 million in just five days trading the BOME tokens faced significant losses while trading the celebrity token JENNER.
Initially investing 2,620 SOL coins to purchase BOME tokens, the trader sold it for 21,159 SOL, resulting in a profit of 18,539 SOL worth approximately ($3.7 Million) within 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.
While some traders may experience significant losses, others face substantial gains, particularly those with celebrity endorsements or hype-driven movements.
Trader Turned 1 ETH Into 89 ETH
According to insights shared by LookonChain, the trader’s strategy involved leveraging the popularity of celebrity tokens, particularly Jenner, on the Ethereum blockchain.
With just 1 Ethereum (valued at approximately $3,762), the trader acquired a significant portion of Jenner tokens, totaling 429.28 million tokens, which accounted for approximately 43% of the total token supply.
Following the acquisition, the trader swiftly executed a strategic sell-off, offloading 393 million Jenner tokens for a substantial profit of 89 Ethereum, equivalent to $338,000 at the time of sale. Despite the rapid turnover, the trader still holds a 36.3 million Jenner token, currently valued at approximately $150,000.
This success story shows that there are great opportunities for profit in the cryptocurrency market. It encourages traders and investors to look for new trends and chances to make significant gains.
