The cryptocurrency industry is never short on stories of fortunes being made or lost on the back of speculative frenzies. This week provided another astounding example involving the random Solana token BOME.
According to blockchain analytics firm Lookonchain, one extremely fortunate trader turned $645,000 worth of Solana (SOL) into nearly $5 million in just 48 hours by getting in early on BOME before its listing on Binance.
Lookonchain @lookonchain detailed: “In just 2 days, this guy made $4.3M by trading $BOME! He spent 3,505 $SOL ($645K) to buy 532.45M $BOME 2 hours after $BOME opened trading and sold it all 10 hours ago for 26,933 $SOL ($4.95M). Earn 23,428 $SOL ($4.3M) in just 2 days!”
The epic pump saw BOME’s price increase over 33,000% in the lead-up to Binance enabling perpetual contracts for the token. As crypto influencer Elja @Eljaboom noted, “If you had invested 1 SOL into $BOME presale 2 days ago, you would have $50,000 now. BOME went from 0 to $1B market cap in just 2 days.”
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Show more +Lookonchain also observed another large BOME buy worth $2.69 million from a fresh wallet just minutes before Binance’s announcement, stating “This guy really knows something!”
The BOME frenzy encapsulates the extreme speculation and asymmetric payoff potential that pervades the crypto wild west. While life-changing windfalls are possible for those with insider knowledge and trading prowess, such events are highly risky for the average investor.
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