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Cryptocurrency News Articles
Solana Trader Turns $80K Investment Into $1.2M Through AURA Meme Coin, Then Loses Most of It 'Diamond-Handing'
Sep 12, 2024 at 10:51 pm
A Solana trader, identified by the pseudonym XCkM, recently demonstrated the volatile nature of the cryptocurrency market by turning an $80,000 investment into $1.2 million through the purchase of AURA, a meme coin built on the Solana blockchain.
A Solana trader, known by the pseudonym XCkM, showcased the volatility of the cryptocurrency market by turning an $80,000 investment into $1.2 million through the purchase of AURA, a meme coin on the Solana blockchain.
Initially purchasing 2 million AURA tokens for just $4,943 during the token launch, XCkM gradually increased his position over the following months. By July, as AURA's value surged, his total investment had grown to $80,000.
AURA's price spike brought the trader's holdings to an impressive $1.22 million at the token's peak, with the asset reaching a market cap of $75 million.
However, instead of securing his profits, XCkM chose to maintain his position, a strategy known as "diamond-handing" in the crypto community. This approach, driven by the hope of even greater returns, ultimately proved risky as AURA's price crashed, losing 86% of its value and dropping to a market cap of $8.9 million.
XCkM's portfolio, valued at over $1,327,421.86 million, is still notably impacted by his other successful investments in various meme coins and niche tokens. These include Dogwifhat ($962.72K), SAD HAMSTER ($173.49), SIGMA holdings ($33.51K), and Nomnom ($1.02K), among other crypto assets.
AURA's price has seemingly found a bottom and is indicating a potential bullish reversal, with a round bottom pattern forming on the daily chart.
This formation could potentially develop into a cup and handle pattern, indicating a price increase of 222% to $0.03. If this scenario unfolds, crypto trader XCkM's current AURA holdings, valued at $144,000, could multiply to around $460,000, yielding a five-fold return on his original $80,000 investment. Notably, FTX's upcoming Solana offloading may still influence AURA's price trajectory.
According to Solscan, trader XCkM, despite having a two-year-old wallet and being a skilled investor, showed signs of greed by keeping AURA for an extended period in the hopes of further price increases.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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