Benzinga – A patient trader made headlines in the crypto community by turning an investment of under $10,000 into millions in just two months with a hamster-themed meme coin called Hammy (HAMMY).
What Happened: Lookonchain data revealed how the trader spent 60 Solana (CRYPTO: SOL) worth $8,673 to purchase 24.8 million HAMMY for $0.00035 on March 10. Around a month later, the price of HAMMY rose to $0.007, resulting in a 20x gain for the trader. However, instead of selling for a quick profit, the trader chose to hold onto their position.
On May 4, the trader finally decided to sell 12.8 million HAMMY for 2,711 SOL (around $401,000) for $0.0313. The trader still holds 12 million HAMMY tokens, which are currently worth around $858,000. In total, the trader’s profit on their HAMMY investment is estimated to be $1.25 million.
Also Read: Trader Who Turned $15K Into $5M Predicts These 4 Meme Coins To Emulate The Success Of DOGE, SHIB, FLOKI
Why It Matters: This trader’s success story highlights the potential for significant gains in the crypto market, particularly when investing in lesser-known tokens on emerging blockchains like Solana.
The trader’s patience and willingness to hold onto their position, even when faced with a 20x gain, ultimately paid off, resulting in a staggering 144x return on their initial investment.
In late March, one trader turned $3,000 worth of Dawkoins (DAW) into $215,000 after a spike in the coin’s market cap to $15 million in a matter of hours. Another trader converted an investment of $13,000 into more than $2 million by trading a new meme coin named Donotfomoew (MOEW) in early April.
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However, it should be noted that the crypto market is known for its volatility, and many traders have experienced substantial losses by investing in obscure tokens or chasing quick profits.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: A Trader Turns $356K Into $5.8M With Biden-Related ‘Jeo Boden’ Meme Coin
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
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