Realize profits: Millionaire sales take over the market as price surges 
Cryptocurrency Oct 12, 2024 Share
The cryptocurrency market is experiencing a significant price surge. Most cryptocurrencies have accumulated gains as the sentiment shifts and capital inflows, leading to some millionaire sales to realize profits.
In the past two days, the crypto total market cap rebounded from a local bottom, adding $140 billion in capital. TradingView‘s capitalization index registered a low of $2.022 trillion on October 10, currently at $2.162 trillion.
Crypto Total Market Cap, hourly chart. Source: TradingView / Finbold
The surge sparked renewed optimism among traders, with a bullish sentiment dominating most talks on social platforms and indicators.
Picks for you
Crypto trader misses out on $17.5 million return from $1,000 investment 4 hours ago Bitcoin price gears up for major rally with two key peaks on the horizon 4 hours ago Someone just paid $1.4 million for a golden BAYC NFT – Here's why 7 hours ago R. Kiyosaki warns rising gold prices are ‘not necessarily a good sign’ 9 hours ago
In this context, some early investors and traders have started millionaire sales on tokens with massive accumulated gains. These traders have found in the growing optimism the needed liquidity to realize profits from low-liquidity tokens like meme coins.
Crypto trader profits $14 million with SPX meme coin
One of these traders was a Solana (SOL) whale who spent $48,400 to buy 19.15 million SPX from January 29 to March 21, according to a Lookonchain report.
On October 3, the whale bridged SPX from Solana to Ethereum, seeking more liquidity to realize the acquired millionaire profits. So far, the trader has sold 4.15 million SPX for $1.71 million in realized profits. He still holds $12.3 million worth of 15 million SPX, with a 289-fold unrealized return.
SPX/WETH hourly chart on Uniswap. Source: DEX Screener / Lookonchain
Staqi.sol makes $180,000 in just 12 hours
Another trader who achieved remarkable results was the Solana domain address staqi.sol, trading the $Magnet meme coin. In just 12 hours, the trader made $180,000 of realized profits from a three-digit initial investment.
Lookonchain told the story of how this address started with a 3 SOL initial purchase, worth $428, and sold most of its position for 1,241 SOL, worth $180,500, 12 hours later.
Made $180K in just 12 hours, a 421x return!
staqi.sol spent only 3 $SOL($428) to buy 48.25M $Magnet🧲 and sold 44.51M $Magnet🧲 for 1,241 $SOL($180.5K), making 1,238 $SOL($180K) in just 12 hours.
staqi.sol still holds 3.74M $Magnet🧲($45K). #Magnethttps://t.co/mEOfk9umxW pic.twitter.com/WiOsoTjCc1
— Lookonchain (@lookonchain) October 12, 2024
Indeed, the cryptocurrency market is full of similar and even more impressive stories to these two recent profit-realization activities. Finbold, for example, reported an anonymous trader who turned a $368 meme coin bet into $2 million of unrealized profits.
Moreover, even long-term investors from solid cryptocurrencies were recently seen offloading millionaire positions, as we published on October 4. Precisely, reporting about an ICO-age Ethereum address who sold over 40,000 ETH since September 22.
Interestingly, even Vitalik Buterin made impressive gains by selling meme coins he received for free, cashing out over $340,500. Meanwhile, some traders rushed into realizing their profits, with one missing out $17.5 million in gains, selling too soon.
These are all tales illustrating how volatile and unpredictable the cryptocurrency market can be, especially when dealing with meme coins. New buyers will inevitable be the early buyers exit liquidity in many cases, requiring caution when opening new speculative positions.
