The post Crypto trader turns $80K into $1.2 million appeared on BitcoinEthereumNews.com.

With meme coins historically carrying the reputation of high volatility, a good trading strategy like early investing can translate into significant returns, especially if investors master the ideal timing of taking profits For instance, this trend is visible in the returns of a trader who initially turned an investment of about $80,000 into a whopping $1.2 million.  Details of the trade, shared by blockchain analysis platform Arkham in an X post on September 11, indicated that the unidentified trader purchased $80,000 worth of Aura (AURA) tokens shortly after its launch on the Solana (SOL) network in late June 2024. Based on the returns, the early investment turned out to be a masterstroke, as the AURA meme coin surged in value. At its peak, the trader’s holdings reached $1.22 million when AURA briefly hit a market cap of over $75 million. AURA/SOL price chart. Source: Arkham However, the trader’s success was short-lived as market volatility took over. This led to AURA’s value plummeting, erasing nearly all the gains. The correction saw the investor’s holdings retrace from $1.22 million to $92,000—slightly above the initial investment of $80,000. Crypto trader’s AURA wallet balance. Source: Arkham It is understandable why the investor might have ventured into AURA early, considering that Solana has witnessed an increased activity of meme coins launched on the platform. Some of the coins, such as BONK, have emerged to become popular, currently  57th in market capitalization with a value of  $1.2 billion. What is AURA? AURA, inspired by a viral TikTok trend, was launched as a meme coin with a unique social twist. The token’s main focus is social behavior, allowing holders to transact with AURA to show their approval or disapproval of an opinion. The token hit the market in late June and has rallied 190%, trading at $0.0095…

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Filed under: News - @ September 12, 2024 12:28 pm