On August 29, Lookonchain unveiled a jaw-dropping story of extreme luck and trading prowess in the cryptocurrency world. A savvy investor turned a modest $29 investment into an astounding $125,000 in just three minutes through the trading of the meme coin $MBAPPE.
The remarkable trading story began when the investor spent 0.2 $SOL (about $29) to acquire $MBAPPE. Just three minutes later, the investor sold the token for 866.13 $SOL, equivalent to approximately $125,000.
This transaction represented an extraordinary 4,330x return on investment. Over the past month, this trader had been actively involved in trading meme coins, investing small amounts ranging from 0.1 to 0.3 $SOL in each. Despite a win rate of 35.46%, the trader accumulated a total profit of $126,700 from these high-risk investments.
How did the Same $MBAPPE Memecoin Lead to a Loss of $1 Million?
Initially, speculative posts on social media, especially on the profile of French football player Kylian Mbappé, were connected to the sharp increase in the value of $MBAPPE. Users saw that the token’s value quickly increased before falling off sharply.
There were rumours that Mbappé personally was involved in promoting the coin, or that the posts were the product of a hack. Nevertheless, the posts were taken down soon after, raising many doubts regarding their veracity.
On Thursday 29th August, the enthusiasm around $MBAPPE quickly turned sour when a significant cryptocurrency scam surfaced. Mbappé’s X account was taken over by hackers to advertise the $MBAPPE token. The price of the token briefly increased as a result of this fake advertising.Â
Attracted by the deceptive hype, one investor put a whopping 7,156 SOL, or almost $1.03 million, into $MBAPPE. Regretfully, the bliss did not last long. The token’s value crashed to under $9,200 in less than an hour, costing the investor more than $1 million.
Was $MBAPPE A Scam?
A closer look found that Pump.fun, a website that makes it simple and inexpensive to manufacture meme currencies, was used to create the $MBAPPE token. The token’s value had a brief spike due to the hackers’ exploitation of Mbappé’s celebrity, but it quickly plummeted after the plan was discovered.
The tremendous volatility and dangers associated with trading meme currencies are brought to light by this series of incidents. The fact that one trader had incredible profits while another suffered a catastrophic loss illustrates the high-stakes nature of the bitcoin industry.
The difference between these results highlights the possibility of both large profits and huge losses, as well as how simple it is for scammers to influence markets by employing well-known individuals and dishonest strategies.