The cryptocurrency realm is brimming with rags-to-riches stories. Investors get into a project early and reap millions in profits. According to LookOnChain, one crypto trader turned $9,770 into $10 million in just one day, a growth of about 102,254%, or 1025x.
LookOnChain further explained how this trader made a 1025x trade in just one day. The trader withdrew 65.23 SOL from MEXC 12 minutes before the deployment of the GUMMY cryptocurrency. They then spent 64.5 SOL, worth $9,769, to buy 97.36 million GUMMY tokens. The trader then transferred the GUMMY tokens to 10 new wallets without selling them.
The value of the 97.36 million GUMMY tokens is currently around $10 million.
Also Read: Cryptocurrency Traders Make Over $2 Million Each In Just 1 Hour
Can you become a cryptocurrency millionaire?
Bitcoin (BTC) is the best-performing financial asset over the last decade. Apart from Bitcoin (BTC), many other cryptocurrencies have turned investors into multi-millionaires and, in some cases, billionaires. However, there are a lot of risks involved with trading crypto.
Also Read: Trader Makes $3 Million in 12 Minutes With This Cryptocurrency.
Cryptocurrencies are highly volatile, and investors could risk losing their initial investment. Hence, it is advised that investors exercise caution while trading smaller assets with a low market cap. There are several examples of traders making millions in profit in a few hours if not minutes. Although the time taken to make a profit may be small, the risks involved are significantly higher.
Also Read: Cryptocurrency Trader Turns $353 Into $8.3 Million in 6 Days
For long-term investors, things are a little different. For example, early Shiba Inu (SHIB) investors are sitting on millions of dollars in profit. Even people who invested in BTC in its early days are now multi-millionaires. Investing over a longer time frame is much safer, and new investors could do better following this strategy.