In the face of a wider economic downturn in the crypto market, an astute trader successfully multiplied an initial investment of $2,137 into a whopping $3.2 million. The monumental gains were derived from dealing in recently introduced token, Hyperfy (HYPER), even as the crypto markets grapple with liquidity issues after the holidays.
The trader, whose identity remains undisclosed, achieved this outstanding feat in just ten hours, according to the blockchain analytics platform, Lookonchain. After initiating the trade, the anonymous investor generated a return that was 1,515 times the starting amount. Following the considerable earnings, the trader began profit-taking practices, selling over 17 million HYPER worth $2.21 million and retaining 4.12 million HYPER valued at $1.03 million.
Hyperfy’s utility token, Hyper, was introduced to the market on Raydium at 1:45 am UTC on January 6 as part of the respective metaverse and gaming platform. The value of the token soared to $0.26 by 12:30 pm UTC on its debut day before dipping to $0.19 at 2:15 pm. Currently, the market valuation of the Hyper token surpasses $198 million, as per data from Raydium.
Despite the current corrective phase in the crypto market with Bitcoin still trading below the $100,000 mark, some traders are recording substantial profits. For instance, another trader ended December with over $1.1 million in unrealized profits within two days, exploiting a 5x leveraged Ether short position.
Meanwhile, some traders are capitalizing on the volatility of memecoins despite their intrinsic lack of utility. An example includes a trader who transformed $27 into $52 million by taking full advantage of the rally of Pepe memecoin. After holding on to the initial investment for over 600 days, the stealthy trader netted huge profits. Interestingly, PEPE was the second most successful crypto among the top 100 tokens in 2024, yielding more than 1,600% return over the year.