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Crypto Trader Made $1.2M From $80K, But Here’s the Twist

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2 months ago

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A Solana crypto trader turned his $80,000 into $1.2 million when he invested in AURA, a SOL meme coin. Unfortunately, he diamond-held the asset and ended up roundtripping the trade. This type of trading behavior is common among many newbies and some experienced traders who fail to take a profit, expecting a crypto asset to trend higher only to drop lower. Overholding an asset can happen to anyone when the potential of an asset is overestimated. What can be learned from this trade? Here are the details.

Crypto Trader Turns $80,000 to $1.2M

Trader XCkM bought 2 million AURA for $4,943 three months ago when the token launched on the Solana blockchain before transferring the tokens to his current wallet.

Over June and July, the trader added more AURA tokens to his portfolio, bringing the total investment to roughly $80,000. The ensuing AURA pump converted his $80,000 into $1.22 million. 

This was a risky investment journey since it comes at a time when rug pulls and scams are rampant on the Solana network, which calls for users to educate themselves on crypto scams. 

Crypto Trader AuraCrypto Trader Aura

Trader XCkM made his last AURA trades on July 17, when he executed one buy and two sell trades before leaving his bag to grow.

Crypto Trader Round Trips His $1.2M in Profit

However, AURA price began to drop after hitting a market cap of $75 million. The token currently has an $8.9 million market cap. Even though the asset is down 86%, crypto trader XCkM is still holding his bag and is also slightly in profit as his AURA investment is now worth $144,000 at the current price. Additionally, he is the third largest AURA holder, holding 1.6% of the token supply, according to data from Bubble Maps.

Despite this turn of events, the crypto trader still holds a portfolio valued at $1,327,421.86, which is comprised of various assets. This includes Dogwifhat, worth $962.72K, SAD HAMSTER, worth $173.49K, SIGMA holdings totalling $33.51K, and Nomnom, valued at $1.02K, among other crypto.

Aura Price Analysis

The AURA price action has found a bottom and is currently going back up. The daily chart of the coin shows a potential round bottom forming, a bullish reversal pattern. This pattern may also be part of a cup and handle pattern, which could catapult the price by 222% to $0.03.

This means that even though crypto trader XCkM won’t retrieve all of his lost profits, his current bag will surge from $144,000 to $460,000, which is over 5-fold his initial investment of $80,000. It remains to be seen whether the incoming Solana offloading by FTX will affect the price of AURA.

Aura Price AnalysisAura Price Analysis
Aura Price Analysis Chart

According to Solscan, crypto trader XCkM is not a newbie. The wallet he used to buy AURA is over two years old, meaning he is an experienced investor. Nevertheless, the trader exhibited classic signs of greed while trying to capitalize on further AURA price surges. 

The crypto space is riddled with expert traders making bad decisions due to greed and fear.  Some clear telltale signs confirming a trader is greedy include having no trading plan, entering and rapidly exiting trades, overholding an asset, and overleveraging your portfolio.

Frequently Asked Questions (FAQs)

The trader likely held on expecting the price of AURA to continue rising. This behavior is common in crypto when traders overestimate an asset’s future potential, leading to missed opportunities for taking profit

“Roundtripping” refers to a scenario where a trader rides an asset’s price up, reaching a significant gain, but then holds the asset as it falls back down to or below the original value, resulting in missed profit opportunities.

While AURA’s price dropped significantly, the price chart is showing signs of a bullish reversal, with the potential for a cup-and-handle pattern forming. If this pattern materializes, it could catapult the price by 222%, potentially increasing the value of his current $144,000 investment to $460,000.

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Evans Karanja

Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Donald Trump Appoints Elon Musk & Ramaswamy To Lead D.O.G.E, Dogecoin Price To $2.4?

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18 mins ago

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November 13, 2024

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US President Donald Trump revealed that Elon Musk and Vivek Ramaswamy will lead a newly created Department of Government Efficiency, or “DOGE.” This initiative, aimed at streamlining government operations and reducing bureaucratic waste, aligns with Trump’s “Save America” movement and promises to reshape federal spending and regulatory practices.

Following the announcement, Dogecoin (DOGE) experienced a surge in trading, with analysts predicting further growth in its value, fueled by renewed interest in the cryptocurrency market.

Donald Trump Appoints Elon Musk & Ramaswamy To Lead D.O.G.E

According to Donald Trump’s statement, the Department of Government Efficiency (DOGE) will focus on cutting down unnecessary regulations, reducing wasteful expenditures, and restructuring federal agencies.

Elon Musk and Ramaswamy will lead this effort from outside the federal government, partnering with the White House and the Office of Management and Budget (OMB) to drive large-scale reform. Trump described the project as potentially “The Manhattan Project” of modern government, emphasizing the ambitious nature of the initiative.

The DOGE initiative has been positioned as a patriotic mission to improve government accountability and efficiency, making the federal system more responsive to “We the People.” Trump expressed confidence that this effort would create a “leaner” and “more accountable” government by July 4, 2026, in time for the United States’ 250th anniversary. Musk echoed the sentiment, suggesting that the changes would send “shockwaves through the system.”

This Is A Breaking News, Please Check Back For More

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shibarium Crosses 500 Mln Transaction Milestone, SHIB Reacts

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4 hours ago

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November 12, 2024

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Shibarium, the Ethereum-based Layer-2 scaling solution backed by the Shiba Inu (SHIB) ecosystem has recorded a huge mainnet milestone. According to data from Shibarium scan, the total transactions processed on the platform has crossed the 500 million milestone. As of writing, the total transaction is pegged at 500,623,178.

Shibarium and the Obvious Growth Catalyst

The Shiba Inu-backed layer-2 scaling solution launched in August 2023. For a protocol with a largely rocky start, the new milestone has sparked series of debates on X. Shibarium got a major boost less than a month ago when Shiboshi-linked NFT update triggered enhanced ecosystem adoption.

With the NFT bridge feature on the mainnet, transaction count jumped to millions per day from a few thousands. At the time of writing, the daily transaction count comes in at 4.69 million. Despite this figure, the protocol records at least 2,227 transctions in hours. The new milestone has triggered a comment from Kaal Dhairya, one of the ecosystem’s lead developers.

Per the Shibariumscan data, the protocol now have a total block of 7,849,660 with wallet adresses coming in at 1,889,496. With the consistent growth, the protocol hopes to match with some of its peers like Base and Optimism soon.

Shiba Inu Reacts, Will This Boost Market Value?

The memecoin has reacted to the update within the ecosystem as it underscore the relative growth overall. At the time of writing, SHIB price was changing hands for $0.0000264, down by 3.39% in 24 hours. Within this period, the token has traded within a low price of $0.00002457 and a high of $0.0000303.

While the token ought to print a rally, SHIB has recorded an extreme growth trend amid the boom in the price of Bitcoin. In the past week, the token has retained a more than 48% rally overall. With the token’s price largely linked to the broader market trend, it’s recovery might come faster than projected.

Meanwhile, lead developer Shytoshi Kusama has set his sight on his SH.I.B proposal to create the Silicon Valley destination for crypto. He recently pitched this idea to Elon Musk in a bid to get the Donald Trump administration to consider the prospects.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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How A Simple Wallet Error Cost $25 Million To This Crypto User?

Published

11 hours ago

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November 12, 2024

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In an unfortunate situation, a crypto user faced investors’ scariest dreams. He lost $25M worth of crypto while transferring from one wallet to the other. The user wished to transfer to the liquid restacking platform called Renzo. However, with a simple wallet error, the user transferred all the cryptos to the platform’s wrong address, bearing millions worth of losses.

When the rest of the market is busy grabbing all the gains, as Bitcoin surpassed Silver after a new ATH, this one user is bearing a loss.

Crypto User Sent Cryptos To The Wrong Wallet Address

The person lost $25 Million on Sunday while transferring the Renzo Restaked ETH to Renzo’s safe wallet. However, instead of the safe wallet, which is a primary wallet that allows full access to funds, the users pasted the wrong address link,  which led to the transfer to a safe module. As a result, all those tokens are now locked in a Smart Contract and cannot be retrieved due to the transaction’s decentralized nature.

Urgent Request for Help!

To all skilled hackers and white hats out there: I’ve lost a significant sum of funds in a contract and urgently need help recovering it. If you can successfully retrieve the funds, I’ll immediately offer a 10% reward, which is approximately $2.5 million…

— 我有一个狗王梦 (@qklpjeth) November 10, 2024

The user has approached people on X, describing his story to the community members. He has pleaded with hackers and white hats to help with this situation in return for a 2.5% reward ($22.5M), which is quite high. Many people have replied to support, and a few even attempted to recover, but the person has sent it to the safe module, making it almost impossible to retain these tokens without changing the Smart Contracts code.

A few readers have advised reaching out to the platform’s team and conveying the needed changes to retrieve the assets. Even the DeFiLlama founder 0xngmi has suggested that the crypto user should connect with the Renzo team to edit the contract code and retrieve his tokens.

Renzo Fails To Help Due to Compliance Issues

Renzo is a staking platform designed to simplify restocking on popular blockchains like Ethereum and Solana. Despite the possibility of updating the code, the team has declined to assist in this matter. The crypto user explained that Renzo could not help due to compliance issues.

A few community members further advised the victim to take legal action to solve this issue. This is because, on many occasions, the court has ordered to resend the cryptos in case of hacks and similar situations. However, the crypto user has declined to do so due to his good relations with the company, saying,

I haven’t considered the legal process. I’m good friends with the Renzo team and don’t want to go through legal procedures.

How To Protect Your Crypto?

This unfortunate event is a big-time reminder that trading in digital assets comes with multiple challenges other than thefts and hacks. Even a minor mistake could lead to losing your crypto forever, as this crypto user did, as he sent all the tokens to a safe module instead of a safe wallet. As a result, the user has lost $25M worth of Renzo Restaked ETH and is approaching crypto hackers to retrieve the tokens. Till now, no solution has come out, and even Renzo’s team failed to help out on this due to compliance issues. With this, it has become an important lesson to double-check the details and understand the platform protocol to protect cryptos. More importantly, every user should have a strategic trading strategy to help with losses and grabbing profits, as this crypto investor turned $1.2M to $9.36M.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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