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From $3.7 million to $133.4 thousand with Jenner Token
In an incredible twist, a cryptocurrency trader turned $3,762 into a life-changing $3.7 million in just five days! But wait, there’s more… This same trader just suffered a dramatic crash after investing in a celebrity token. LookonChain, a leading blockchain analytics platform, dives into this rollercoaster ride, revealing how fortunes can be made and lost in the blink of an eye in the crazy world of cryptocurrencies.
Can lightning strike twice? Read on to find out!
The ups and downs of cryptocurrency trading
While some traders make large profits, others face heavy losses, highlighting the risky nature of the market. LookonChain recently tweeted about a trader who has experienced both extremes. After making a staggering $3.7 million trading BOME tokens, the trader went through a rough patch with the JENNER token.
First, the trader invested 2,620 SOL coins in BOME tokens, selling them for 21,159 SOL, pocketing a profit of 18,539 SOL, or approximately $3.7 million, in just five days.
However, the trader’s fortunes took a downturn when the trader decided to invest 1,208 SOL in $Jenner. Despite the previous success, the trader ended up selling $Jenner for just $423 SOL, suffering a loss of 785 SOL worth approximately ($133.4k) in a single day.
The strange world of celebrity tokens
The cryptocurrency market can be extremely unpredictable for celebrity-backed or hype-driven tokens. According to LookonChain, the trader’s strategy involved capitalizing on the fame of celebrity tokens, particularly Jenner, on the Ethereum blockchain.
Starting with just 1 Ethereum (approximately $3,762), the trader obtained 429.28 million Jenner tokens, representing approximately 43% of the total supply. Subsequently, the trader quickly sold 393 million Jenner tokens, making a profit of 89 Ethereum, or $338,000 at the time.
Despite this rapid move, the trader still has 36.3 million Jenner tokens, worth around $150,000.
This story shows the potential for big profits in the cryptocurrency market, but it also serves as a reminder of its unpredictability and the need to manage risks. In the world of cryptocurrencies, fortunes can change in an instant, prompting traders to remain alert and strategic.
Also check: Is this a final correction in the price of Ethereum (ETH) before reaching the $4,000 mark?
This trader went all-in with a celebrity token. Would you ever take such a big risk?