Blockchain tracking platform Lookonchain says a crypto trader has turned less than ten thousand dollars into millions in just one month by betting on a crypto project built in the Solana (SOL) ecosystem.
According to Lookonchain, the unidentified trader purchased the native token of the social finance (SocialFi) crypto project Launch Coin on Believe (LAUNCHCOIN) worth approximately $9,075 and turned it into $4.7 million, a 517x return.
Lookonchain further says another trader, pseudonymously known as Pow, has recorded an over 7x return on LAUNCHCOIN.
“From near zero to $2.7 million — absolute legend!
Three months ago, @traderpow spent 1,466 SOL ($367,000) to buy 17.66 million LAUNCHCOIN, only to watch it crash approximately 99%.
But he held on.
Now, with LAUNCHCOIN breaking a $150 million market cap, his 17.66 million LAUNCHCOIN is worth $2.7 million!”
The blockchain tracking platform is also highlighting a trader who recorded a loss running into hundreds of thousands of dollars following a slump in the price of LAUNCHCOIN about three months ago.
“If this trader had been more patient, he could have made $7.3 million instead of losing $800,000.
Three months ago, he bought 45 million LAUNCHCOIN near the top, spending approximately $828,000.
But shortly after, LAUNCHCOIN crashed by over 90%.
He sold all 45 million LAUNCHCOIN (now valued at $8.2 million) for only $29,000 at a loss of $800,000.”
LAUNCHCOIN is trading at $0.191 at time of writing, up by 7,000% from the May 8th low of $0.00269. LAUNCHCOIN currently ranks 316th by market cap, which is slightly over $195 million.
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