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The savvy trader made an over 1,500-fold return on investment despite the broader crypto market slump.
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A savvy trader has generated over $3.2 million in profit despite a slump in the broader crypto markets, which are still recovering from a lack of liquidity during the holiday season.
The unidentified trader turned an initial investment of $2,137 into over $3.2 million by trading the newly launched Hyperfy (HYPER) token.
The return equates to more than 1,500 times their initial investment in just 10 hours, according to blockchain analytics platform Lookonchain, which detailed the feat in a Jan. 6 post on X:
“Turned $2,137 into $3.24M in just 10 hours—a 1,515x return… Since then, the trader has been taking profits, selling a total of 17.88M HYPER for 10,286 SOL($2.21M) and still holding 4.12M HYPER ($1.03M).”
Savvy Hyper trader, selling patterns. Source: Lookonchain
Hyper was launched on Raydium at 1:45 am UTC on Jan. 6 as the utility token of the Hyperfy metaverse and gaming platform.
HYPER/USD, all-time chart. Source: Raydium
The Hyper token rose to an all-time high of $0.26 at 12:30 pm UTC before falling to $0.19 at 2:15 pm. Its market capitalization currently exceeds $198 million, according to Raydium data.
Related: Bitcoin needs trading volume boost to rally above $105K in January
Some traders win millions despite crypto market corrections
Some crypto traders have been making millions even during the current crypto market slump, which saw Bitcoin (BTC) trading under the $100,000 mark since Dec. 19, Cointelegraph Markets Pro data shows.
At the end of December, another savvy trader made over $1.1 million in unrealized profit within two days on his 5x leveraged Ether (ETH) short position.
Short-selling involves borrowing the underlying cryptocurrency, selling it at the current price, and later repurchasing it at a lower price, allowing traders to capitalize on declining market trends.
Related: Redemption arcs of 2024: Ripple’s victory, memecoins’ rise, RWA growth
Other traders are benefiting from the volatility of memecoins despite their intrinsic lack of utility.
On Dec. 14, a crypto trader turned $27 into $52 million by capitalizing on the Pepe (PEPE) memecoin rally. The unknown trader has held his initial investment for over 600 days.
PEPE was the second-best performing cryptocurrency in the top 100 tokens in 2024 after staging an over 1,600% return during the year.
Magazine: Down to $200 one day, Pixels founder had $2.4M the next: Luke Barwikowski, X Hall of Flame
This article first appeared at Cointelegraph.com News
