Cryptocurrency Trader Turns $860 into $657,000: Here’s How

Paigambar Mohan Raj
Source: Watcher Guru

According to cryptocurrency analysis firm LookOnChain, a trader turned $861 into $657,000 in just five hours. The trader spent 5.14 Solana (SOL) tokens, worth $861, to purchase 86.55 million MOTHER tokens, which is about 8.6% of the entire supply. The trader then sold 80.41 million MOTHER tokens for 3035.5 SOL, worth around $509,000. The wallet still holds 6.14 million MOTHER worth $148,000.

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LookOnChain highlights that the trader ‘should not be an insider.‘ The analysis firm also notes, ‘Before buying $MOTHER, he had traded nearly 700 coins and was losing, with a win rate of less than 25%.

How to find coins to make it big with cryptocurrency?

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The crypto sector is filled with small projects with a lot of growth potential. However, many new projects are pump-and-dump schemes, where investors could lose a lot of money. An investor should do their due diligence and conduct proper research before investing. Nonetheless, finding a trustworthy project to invest your funds into could be a daunting task.

Cryptocurrency exchanges are a reliable source for finding new projects. Data aggregators and social media platforms can also help investors find decent projects to invest in.

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Network scanners, such as BSCScaner, Etherscan, etc. can also prove useful in determining the right project.

One thing to keep in mind while searching for a new project is swap analysis, which shows whether the token is sellable with a buy-and-sell fee of less than 10%. Investors should also look into the project’s contract and make sure it is a verified project. Investors should also confirm that the creator holds less than 5% of the supply. Liquidity should also be a point of interest. Projects should have around 95% of its supply locked or burned.