A Solana trader, recognized through the pseudonym XCkM, lately verified the risky nature of the cryptocurrency marketplace by turning an $80,000 investment into $1.2 million via the purchase of AURA, a meme coin constructed on the Solana blockchain.
Initially, XCkM sold 2 million AURA tokens for simply $4,943 during the token’s release, however, he gradually multiplied his role over the following months. By July, his general funding in AURA had grown to $80,000 as the token’s price surged.
AURA’s charge spike catapulted the dealer’s holdings to an impressive $1.22 million on the token’s height, as the asset reached a market cap of $75 million.
AURA Token, Source: CoinGecko
However, instead of securing his profits, XCkM determined to keep onto his role, a decision regularly noted within the crypto community as “diamond-handing.” This strategy, pushed by the wish for even more returns, ultimately backfired as AURA’s price started to crumble, dropping 86% of its cost and losing to a market cap of $eight.9 million.
Interestingly, XCkM’s portfolio is still worth over $1,327,421.86 million, largely due to different successful investments in a variety of meme coins and niche tokens. This incorporates Dogwifhat ($962.72K), SAD HAMSTER ($173.Forty nine), SIGMA holdings ($33.51K), and Nomnom ($1.02K), among different crypto.
AURA’s fee has likely observed a backside and is showing signs of a capability bullish reversal, with a round bottom pattern forming on each day chart.
This could change into a cup and deal with the pattern, potentially boosting the rate by using 222% to $zero.03. If this situation performs out, crypto trader XCkM’s current AURA holdings ought to grow from $144,000 to $460,000, giving him a five-fold go back on his original $eighty,000 funding. However, the upcoming Solana offloading by way of FTX may additionally still have an effect on AURA’s price trajectory.
According to Solscan, notwithstanding being a skilled investor with a -year-vintage pockets, trader XCkM showed greed by keeping AURA for a prolonged duration in the hopes of greater rate increases.
Also Read: Crypto Trader Loses $16 Million In FRIEND Token Bet
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