Blockchain tracking firm Lookonchain says a trader is reaping handsomely after making a bet on a social finance (SocialFi) crypto project built in the Solana (SOL) ecosystem.
According to Lookonchain, a trader pseudonymously known as E4Rued has booked a profit of 34,500% on a stash of Launch Coin on Believe (LAUNCHCOIN) acquired less than a month ago.
“28 days ago, E4Rued withdrew approximately $10,000 from Binance to buy LAUNCHCOIN before it surged.
Then sold all LAUNCHCOIN for $3.46 million and deposited the funds back into Binance.”
Launchcoin is trading at $0.248 at time of writing, up by 71,164% from the April 22nd low of $0.000348.
The blockchain tracking firm is also highlighting another trader who has recorded massive gains on the Solana-based SocialFi crypto project in a little over three weeks.
“A trader made more than $4 million with only $8,191 in just 22 days — a 500x return!
After more than four months of inactivity, the trader suddenly withdrew 68.8 SOL from Binance 22 days ago and spent 54 SOL ($8,191) to buy 14.62 million LAUNCHCOIN — when its market cap was under $500,000.”
The current market cap of LAUNCHCOIN is a little over $239 million.
Last week, when LAUNCHCOIN’s market cap was around two-thirds of the current level, Lookonchain highlighted a trader who made a 51,690% gain on the SocialFi altcoin.
“This guy turned $9,075 into $4.7 million — a 515x return. Legend!
A month ago, he spent $9,075 to buy 20.3 million LAUNCHCOIN, which is now worth $4.7 million.
He can retire early now.”
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