Solana

Bluzelle

Raydium

DeFi

<div class="finbold">
 <p class="paragraph">A cryptocurrency trader turned $50.98 into approximately $10,900 in two hours, speculating in a recently created token. The trading occurred on February 21 against Solana (SOL) using its DeFi ecosystem.</p>
 <p class="paragraph"><em>Lookonchain</em> spotted what it deemed to be “unbelievable” results, posting the accomplishment on X (formerly Twitter). Notably, this anonymous <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> realized over 21,000% gains with one purchase and six sellings of a token called NVDA.</p>
 <p class="paragraph">In this context, Finbold gathered data from <em>DexScreener</em> showing the <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>’s ‘Buy’ and ‘Sell’ operations for NVDA/SOL on Raydium.</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picked for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bluzelle unveils Curium, a new miner pool app to streamline BLZ earning <span class="self-center text-xs text-slate-500">43 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Zengo wallet integrates Transak <span class="self-center text-xs text-slate-500">43 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Top SEC anti-<a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> lawyer jumps ship, defects to a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> law firm <span class="self-center text-xs text-slate-500">53 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    ECB slams Bitcoin ETFs as ‘the naked emperor’s new clothes’ <span class="self-center text-xs text-slate-500">2 <a rel="noopener noreferrer nofollow" title="hours" href="https://thebittimes.com/tag/hours.html">hours</a> ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">First, a purchase worth $50.98 with 0.5 SOL at 0.00002816 SOL per NVDA. Followed by sell-offs worth $931, $1,633, $2,143, $1,734, $2,291, and $2,210.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="636" src="https://cdn.thebittimes.com/images/2024/02/22/1468a43a726dceb647b0ed3f1fd617f5.webp" alt class="wp-image-156643" srcset="https://cdn.thebittimes.com/images/2024/02/22/1468a43a726dceb647b0ed3f1fd617f5.webp 1024w, https://cdn.thebittimes.com/images/2024/02/22/1468a43a726dceb647b0ed3f1fd617f5.webp 300w, https://cdn.thebittimes.com/images/2024/02/22/1468a43a726dceb647b0ed3f1fd617f5.webp 768w, https://cdn.thebittimes.com/images/2024/02/22/1468a43a726dceb647b0ed3f1fd617f5.webp 1366w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   NVDA/SOL 5-minute chart on Raydium. Source: <em>DexScreener</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-nvda-token-and-raydium-analysis">NVDA token and Raydium analysis</h2>
 <p class="paragraph">Raydium (RAY) is Solana’s second-largest decentralized exchange by total value locked (TVL), with nearly $150 million locked by liquidity providers. Interestingly, this exchange moved $160.92 million in its 24-hour volume – surpassing the TVL, according to data from <em>DefiLlama</em>.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="409" src="https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp" alt class="wp-image-156645" srcset="https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp 1024w, https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp 300w, https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp 768w, https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp 1536w, https://cdn.thebittimes.com/images/2024/02/22/b0d0f17e08aa5fcb2a2e0421c04d4015.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Raydium (RAY) protocol information. Source: <em>DefiLlama</em>
  </figcaption>
 </figure>
 <p class="paragraph">In particular, NVDA is just one low-liquidity token that exists on this platform. Moreover, it was issued on the same day of the trade and has no special fundamentals to back further increases.</p>
 <p class="paragraph">Curiously, its name resembles NVIDIA Corp (NASDAQ: NVDA) stock, which has achieved large successes in the stock market. Therefore, it is possible that the token’s issuer could have benefited from investors’ confusion of its legitimacy.</p>
 <p class="paragraph">It is worth noting that anyone can issue a token with any ticker in these decentralized exchanges. Thus, investors must always cautiously research the asset’s origin before deploying meaningful capital.</p>
 <p class="paragraph">Additionally, recently issued tokens usually have low liquidity available. This makes it difficult for traders to realize meaningful gains when these gains rarely occur. Speculating on the cryptocurrency market, specifically on DeFi, is risky, uncertain, and not recommended for beginners.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/how-this-crypto-trader-turned-50-into-11-000-in-two-hours-tbt80517.html">https://thebittimes.com/how-this-crypto-trader-turned-50-into-11-000-in-two-hours-tbt80517.html</a></p>

How this crypto trader turned $50 into $11,000 in two hours

Table of Contents

TheBitTimes

Other articles published on Feb 22, 2024

Woldcoin (WLD) & Singularity (AGIX) Fight for Supremacy: Who Will Be the Top Performer for the Day?

Starknet Token Dumped by Nethermind and Airdrop Farmers

Yuga Labs announces leadership change, co-founder steps back in

Bitcoin (BTC) Price Preparing to Reach $55,000 This Week if This Trade Plays Out Well!

Binance Labs Invests in Renzo, EigenLayer's Restaking Hub

DeeStream (DST) Gains Polygon and Celestia Investors’ Attention as Presale Rockets

Join our free newsletter for daily crypto updates!