Crypto trader turns $8k into $800,000 in 1 hour 
Cryptocurrency Aug 1, 2024 Share
Despite the ongoing short-term bearish momentum in the crypto market, savvy traders are finding strategies to generate significant profits by multiplying their investments in the shortest time possible.
For instance, data shared by Lookonchain in an X post on August 1 revealed that a crypto trader turned a modest $8,000 into an astonishing $800,000 within just one hour.
This achievement was realized through trading on the Raydium Protocol, capitalizing on the launch of a new meme coin, CTO, by the platform MakeNow.Meme. The platform enables the creation of meme coins from X posts.
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The trader initially invested 50 Solana (SOL) tokens, approximately $8,500, to acquire 256.8 million CTO tokens, becoming the third address to do so. Within an hour, the trader sold 227.67 million CTO tokens for 4,771 SOL, equivalent to roughly $811,000.
CTO/SOL on Raydium chart. Source: Lookonchain
The unidentified trader netted a staggering profit of 4,721 SOL, or $802,500, representing a 94-fold increase on the initial investment.
Interestingly, this wasn’t the investor’s only success. Eleven hours earlier, the same trader made significant profits on PFI, another token on the Raydium Protocol.
By investing 20 SOL, around $3,400, in PFI, the trader earned 612 SOL, equivalent to $104,000, achieving a 30-fold increase.
PFI/SOL on Raydium chart. Source: Lookonchain
Meme coin trading and associated risks
These rapid successes underscore the cryptocurrency market’s volatile but potentially lucrative nature, particularly for those who get involved in meme coins early. However, the risks associated with such trades are considerable, especially given that meme coins like CTO lack fundamental value.
Notably, such trades have increased in recent months following the emergence of popular meme coins. As reported by Finbold in May, a crypto trader turned $800 into $657,000 within five hours in a transaction involving Solana and Mother Iggy (MOTHER).
Currently, CTO is trading at $0.00466, with a market cap of about $4.6 million and fewer than 4,000 holders.
CTO onchain metrics. Source: Solscan
Conversely, Solana is experiencing bearish sentiment in the short term. As of press time, SOL was trading at $168, with losses exceeding 8%. The recent sell-off has hindered SOL’s attempt to reclaim the $200 resistance level.
In summary, trading both established assets like Solana and emerging meme coins requires careful timing and thorough research.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.