The ongoing rally in the crypto market, which began in late October, has resulted in numerous successful trades and incredible success stories. In recent weeks, there have been several instances of savvy cryptocurrency traders multiplying their investments hundreds of times over in a matter of hours. The latest example occurred on June 2, when a trader used 60 Solana (SOL), valued at just under $10,000 at the time, to purchase nearly 90 million units of a relatively new cryptocurrency called HAPPY. Just 10 minutes later, the same trader sold HAPPY for almost 2,500 SOL, which was worth around $400,000. This resulted in a rapid growth of the investment by a staggering 3,900%.
HAPPY, created by a user known as bazingahappy on the X platform, had previously acquired 79% of the total supply of the cryptocurrency by spending approximately $14,000 worth of SOL. However, bazingahappy clarified that they were not responsible for the successful trade.
While there have been remarkable stories of traders turning small investments into substantial sums within hours or days, it is crucial to recognize that trading new cryptocurrencies still carries significant risks. Although altcoins and meme coins, especially newly-launched ones, may offer potential rewards, there is a higher likelihood of falling victim to scams or making costly mistakes. For instance, the team behind the meme coin Slerf accidentally burned $10 million worth of investments upon its launch, and another meme coin called CondomSOL turned out to be a rug pull, leaving many investors in a state of loss.
Disclaimer: The information provided on this site should not be considered as investment advice. Investing in cryptocurrencies involves speculation, and there is a risk of losing your capital.
