In the downward trend of the cryptocurrency market, some traders are still making astonishing profits.
Recently, a trader turned an initial investment of $8,000 into $800,000 within an hour. This was achieved through trading the new CTO meme coin launched on the Raydium protocol on the MakeNow.Meme platform.
Starting from 50 SOL tokens, the trader acquired 25.68 billion CTO tokens. Within an hour, he sold most of the tokens at a price of 4,771 SOL, making a profit of approximately $802,500.
Earlier that day, the trader also made significant gains on another token, PFI, on Raydium. An investment of $3,400 in PFI turned into $104,000, resulting in a return rate of 30 times.
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Solana surpasses Ethereum in decentralized exchange (DEX) trading volume for the first time in history
These quick profits illustrate the high-risk, high-return nature of the cryptocurrency market, especially with new meme coins. The current trading price for CTO is $0.00466 with a market cap of $46,000, while Solana is facing short-term losses with a trading price of approximately $168.
Overall, the volatile cryptocurrency field can bring enormous profits, but it also comes with significant risks.
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