The wheel of fortune has become real this time, where one crypto trader bagged thousands in gains, whereas another lost with the same cryptocurrency. In a recent event, a crypto investor made $125K from an investment of $29, shocking the world. However, at the same time, another investor lost $1 million with the rug pull scam. With this, many things have happened with this newly launched meme coin, Mbappe, representing the way trading works.

Crypto Trader Won 4,330X Jackpot With Mbappe Token

Lookonchain, a popular analytics platform, has revealed the incident of a trader making 4,330X in profits after investing a small amount in a newly launched token. The trader invested in this Mbappe token at the perfect time as the token value boomed instantly. More importantly, he sold the investment in time as the value had dropped real soon.

As per the Lookonchain reports, the crypto trader has spent just 0.2 SOL, equivalent to $29, and sold the same within three minutes for 866.13 SOL, worth $125.16K, making a 4,330X gain. However, this was not all, as the trader has invested in 251 meme-themed cryptocurrencies, investing around 0.1, 0.2 & 0.3 SOL in each, and struck a winning rate of 35.46%.

This guy who trades #MEMEcoins like buying lottery tickets finally hit the 4,330x jackpot!

He spent 0.2 $SOL($29) to buy $MBAPPE and sold it 3 minutes later for 866.13 $SOL($125.16K), a 4,330x return!

Over the past month, he traded 251 MEMEcoins, investing 0.1 $SOL, 0.2 $SOL,… pic.twitter.com/hreNVUcyEF

— Lookonchain (@lookonchain) August 29, 2024

Collectively, he has made $126.7K in profits in these meme coins investments in the past month, which is impressive. This reveals his focus on spreading the investment to reduce the risk amount to the lowest without missing the big opportunities.

Another Trader Lost $1 Million With Mbappe

In another report, Lookonchain revealed an investor losing almost a million by trading in the same token. This crypto trader bought $1.03M (7,156 $SOL) worth of tokens. However, the token crashed within an hour, causing the holding value to be as low as $9.2K.

Someone created a new wallet and spent 7,156 $SOL($1.03M) to buy a #MEMEcoin named $MBAPPE in a single transaction, which is now only worth $9.2K.

This person lost more than $1M in just 1 hour!https://t.co/IKsUN14km1 pic.twitter.com/kTF6SQCKT4

— Lookonchain (@lookonchain) August 29, 2024

The Mbappe token had a major up and down due to the French football star Kylian Mbappe’s X account hack. However, this is nothing new, as many celebrities have become the victims of such hacks to promote cryptocurrencies. Earlier, popular singer DOJA Cat’s X Account hacked was regarding the same.

In the Mbappe case, the creator hacked the footballer’s account to promote the recently launched token on the pump.fun. The hacker promoted the token on Kylian’s X account, which had more than 14.4 million followers. With this, the value of the token boomed, making the market cap rise to tens of millions.

However, soon after this, the hacker sold all the token supply, rugging it to zero, crashing the token value, and putting all the holders in heavy loss.

Final Thoughts

Meme-based cryptocurrencies are the trend of 2024, where many, especially the Solana meme coins, were in the limelight for heavy gains. Many new tokens get introduced in the market every day, and many investors succeed in grabbing the opportunity at the right time. One such crypto trader made $125k with just $29 in 3 minutes, showing an impressive skill set. However, at the same time, another crypto investor lost almost $1 Million with the same token due to the creator’s rug pull scheme.

The post Crypto Trader Made $125K With $29 in 3 Mins As Token Value Boomed appeared first on CoinGape.

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Filed under: News - @ August 29, 2024 8:21 am