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.
