Crypto trader hits jackpot, turns $29 into $125,000 in 3 minutes 
Cryptocurrency Aug 29, 2024 Share
Although meme coins are inherently known for their high price volatility, a good trading strategy with them has been known to offer higher rewards.
Indeed, data shared by Lookonchain in an X post on August 29 detailed how a trader hit the ‘jackpot’ by trading select meme cryptocurrencies despite the prevailing market bearishness.
The details of the trade show that the trader turned a modest $29 investment into a staggering $125,000 in just three minutes. This feat, which resembles winning the lottery, was achieved by trading the MBAPPE meme coin that was initially erroneously linked to French footballer Kylian Mbappé.
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The trader bought MBAPPE tokens with just 0.2 Solana (SOL), valued at $29. Three minutes later, in a flash trade, he sold the tokens for 866.13 SOL, or approximately $125,160—a mind-blowing 4,330x return on his investment.
Crypto trader’s MBAPPE meme coin transactions. Source: Lookonchain
It’s worth noting that this windfall is part of the trader’s broader, high-risk approach to the volatile nature of meme coins. Over the past month, he traded 251 different meme coins, each time investing as small as 0.1 SOL, 0.2 SOL, or 0.3 SOL. Despite the risky strategy, the trader achieved a 35.46% win rate, culminating in total profits of $126,700.
Crypto trader’s traded meme coins. Source: Lookonchain
At the same time, while most investors in meme coins often face massive losses, this trader’s rewards can be partly attributed to possible perseverance and calculated risks.
Controversy around the MBAPPE token
However, it’s important to note that the MBAPPE coin has faced notable controversy linked to the footballer. In this regard, the X account of Mbappé was hacked, with the attacker believed to be behind the creation of the fake MBAPPE cryptocurrency, which spiked before crashing.
Notably, the crash also had casualties, with another data set by Lookonchain indicating that one investor lost over $1 million in a single hour. One investor spent 7,156 SOL (equivalent to $1.03 million at the time of purchase) to buy MBAPPE, only to see the investment’s value plummet to just $9,200.
Within just one hour of the purchase, the value of MBAPPE nosedived, causing the wallet’s holding to be worth only $9,200—a 99% drop in value.
Crypto trader’s MBAPPE meme coin transactions. Source: Lookonchain
In conclusion, the dramatic fluctuations in the value of the MBAPPE token serve as a reminder of the high volatility associated with meme coins.
They have the potential to deliver significant gains and losses in equal measure. The experiences of these two traders highlight the critical importance of conducting comprehensive research before investing, particularly in newly established coins.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
