A cryptocurrency trader has managed to, through the purchase of a meme-inspired cryptocurrency that was launched after a viral trend on TikTok, turn around $80,000 into over $1.2 million, before losing nearly all of his gains.
According to data shared by blockchain analytics firm Arkham Intelligence, a cryptocurrency trader on the Solana network identified as XCkM invested $80,000 into the meme-inspired cryptocurrency AURA three weeks after it was launched, using a different account.
The trader’s holding quickly surged to surpass $1.22 million, as AURA’s market capitalization surged to $75 million. However, the cryptocurrency market then started correcting, and the value of their holdings plunged back to around $91,000.
The AURA token was launched based on social behavior, allowing holders to move the token based on their thoughts on specific topics. The token saw an initial price surge, before seeing a massive correction amid a wider market downturn.
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
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