In recent months, the cryptocurrency market has witnessed a surge in impressive trading successes, resulting in remarkable rags-to-riches stories for savvy investors.
One notable instance occurred on June 2, when a trader utilized 60 Solana (SOL), valued at around $10,000, to purchase nearly 90 million units of a relatively new cryptocurrency called HAPPY. Within a mere 10 minutes, the same trader sold their HAPPY holdings for almost 2,500 SOL, equivalent to roughly $400,000. This swift transaction yielded a staggering return of up to 3,900%.
HAPPY, introduced by a user known as bazingahappy, saw substantial initial investment as the creator reportedly spent approximately $14,000 worth of SOL to secure control over a significant portion, about 79%, of the cryptocurrency's total supply. Despite speculation, bazingahappy clarified that they were not the individual behind the extraordinary 10-minute trade, as confirmed by Lookonchain.
Trading new cryptocurrencies has advantages, but it's still dangerous
While there has been a lot of talk in the past few weeks about traders who made $650,000 in less than a day by trading cryptocurrencies, or about others who increased their investments from tens of thousands to millions of dollars in a matter of days, it's crucial to keep in mind that bull market clichés such as "rags to riches" have not disappeared in 2024.
Trading altcoins and meme coins, especially those that have just been issued, is always dangerous, but the risks are exacerbated by the prevalence of traditional scams and easy-to-make-but-expensive blunders.
For instance, right after the cryptocurrency's inception, one of the team members behind the relatively new Slerf (SLERF) meme coin unintentionally burnt $10 million worth of capital.
Simultaneously, CondomSOL, another meme coin, turned out to be a simple rug pull, leaving many optimistic investors disappointed.
June 2024, Cryptoniteuae