Despite a downturn in the overall crypto markets, which are still rebounding from liquidity issues during the holiday season, a savvy trader generated more than $3.2 million in profit.
Blockchain analytics tool Lookonchain revealed that the smart trader turned an initial investment of $2,137 into more than $3.2 million through trading a newly launched Hyperfy (HYPER) token.
Hyper was introduced on Raydium on January 6 as the utility token for the Hyperfy metaverse and gaming platform. The Hyper token surged to a record high of $0.26 before dipping to $0.19. According to on-chain data, its market capitalization has now surpassed $198 million.
Traders Winning Big
Despite the ongoing downturn in the crypto market, with bitcoin (BTC) fluctuating, some traders have managed to secure multimillion-dollar gains. For instance, on December 26, 2024, a trader made over $1.1 million in unrealized profit within two days of his 5X leverage Ether (ETH) short position.
In addition to the $1.1 million in unrealized profit, the trader accrued more than $680,000 in funding fees from their short position, which has a liquidation price exceeding $4,750.
Short-selling is a strategy where traders borrow crypto, sell it at the current market price, and then repurchase it later at a lower price, profiting from the market’s downward movement.
Similarly, another smart trader turned a $27 investment into an astounding $52 million by taking advantage of the Pepe memecoin surge, holding onto their position for over 600 days.
In 2024, PEPE became the second-highest-performing crypto among the top 100 tokens, delivering an impressive return of over 1,600%.
BTC Reclaims $100,000 Price Mark
Meanwhile, as many unidentified traders are cashing out on memecoin, the world’s largest cryptocurrency by market capital has recently reclaimed its $100,000 mark level. Over the week, the asset has declined to the range between $96,000 to $98,000 price mark, giving room for investors and traders to acquire more BTC.
At the time of publication, the crypto asset was trading at over $101,900, with a market cap of more than $2.19 trillion. The leading asset is up 4.02% over the last 24 hours.
