Blockchain tracking firm Lookonchain says a trader is reaping handsomely after making a bet on a social finance (SocialFi) crypto project built in the Solana (SOL) ecosystem.
According to Lookonchain, a trader pseudonymously known as E4Rued has booked a profit of 34,500% on a stash of Launch Coin on Believe (LAUNCHCOIN) acquired less than a month ago.
“28 days ago, E4Rued withdrew approximately $10,000 from Binance to buy LAUNCHCOIN before it surged.
Then sold all LAUNCHCOIN for $3.46 million and deposited the funds back into Binance.”
Launchcoin is trading at $0.248 at time of writing, up by 71,164% from the April 22nd low of $0.000348.
The blockchain tracking firm is also highlighting another trader who has recorded massive gains on the Solana-based SocialFi crypto project in a little over three weeks.
“A trader made more than $4 million with only $8,191 in just 22 days — a 500x return!
After more than four months of inactivity, the trader suddenly withdrew 68.8 SOL from Binance 22 days ago and spent 54 SOL ($8,191) to buy 14.62 million LAUNCHCOIN — when its market cap was under $500,000.”
The current market cap of LAUNCHCOIN is a little over $239 million.
Last week, when LAUNCHCOIN’s market cap was around two-thirds of the current level, Lookonchain highlighted a trader who made a 51,690% gain on the SocialFi altcoin.
“This guy turned $9,075 into $4.7 million — a 515x return. Legend!
A month ago, he spent $9,075 to buy 20.3 million LAUNCHCOIN, which is now worth $4.7 million.
He can retire early now.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
