According to cryptocurrency analysis firm LookOnChain, one trader turned 2 Solana (SOL) tokens, worth around $462, into nearly $1 million within three hours. The trader spent 2 SOL to buy 18.89 million Quant tokens and sold 3.71 million tokens for 116 SOL, worth around $27,000. The trader still has 15.18 million Quant tokens worth around $962,000.
Also Read: VeChain (VET) to Kickstart a Massive Rally in Q1 of 2025
What is The Quant Cryptocurrency?
According to LookOnChain, Quant was created by a kid who was live-streaming. The kid reportedly sold all their Quant holdings for 128 SOL, making a profit of $29,600. The 51 million Quant he sold is now worth $4 million.
Also Read: Pro-Crypto SEC Chair Could Boost XRP & Ethereum: What Does This Mean for Their Prices?
LookOnChain further notes that the same kid created two additional coins, Lucy and Sorry. The kid sold all of the cryptocurrencies for a profit of 103 SOL, worth around $24,000.
Is It Safe To Invest In New Crypto Projects?
With the bull run in full effect, we may witness the emergence of many new projects in the market. Investors need to do proper research before pouring their funds into unknown cryptocurrencies. Although the crypto realm has grown into the mainstream, the sector is still plagued with scams and rug pulls.
Also Read: Top 3 Lucrative Stocks To Explore Per Jim Cramer
Investors should note that not all projects are scams. Finding a new project in its early days could bring massive returns. Early investors often make generational wealth. At the same time, investors must hold on to their cryptocurrency till the right time. Investors who purchased Shiba Inu (SHIB) around its launch in August 2020 made millions of dollars in profit. Crypto enthusiasts are constantly looking for the next big thing to invest in. It is important to exert caution in your journey to make it big in cryptocurrency.