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According to cryptocurrency analysis firm LookOnChain, a trader turned $861 into $657,000 in just five hours. The trader spent 5.14 Solana (SOL) tokens, worth $861, to purchase 86.55 million MOTHER tokens, which is about 8.6% of the entire supply. The trader then sold 80.41 million MOTHER tokens for 3035.5 SOL, worth around $509,000. The wallet still holds 6.14 million MOTHER worth $148,000.
Also Read: Cryptocurrency: 3 Coins to Hold That May Become ETFs in the Future
LookOnChain highlights that the trader ‘should not be an insider.‘ The analysis firm also notes, ‘Before buying $MOTHER, he had traded nearly 700 coins and was losing, with a win rate of less than 25%.‘
How to find coins to make it big with cryptocurrency?
The crypto sector is filled with small projects with a lot of growth potential. However, many new projects are pump-and-dump schemes, where investors could lose a lot of money. An investor should do their due diligence and conduct proper research before investing. Nonetheless, finding a trustworthy project to invest your funds into could be a daunting task.
Cryptocurrency exchanges are a reliable source for finding new projects. Data aggregators and social media platforms can also help investors find decent projects to invest in.
Also Read: Cryptocurrency: 3 Meme Coins Set To Offer Exceptional Gains This June
Network scanners, such as BSCScaner, Etherscan, etc. can also prove useful in determining the right project.
One thing to keep in mind while searching for a new project is swap analysis, which shows whether the token is sellable with a buy-and-sell fee of less than 10%. Investors should also look into the project’s contract and make sure it is a verified project. Investors should also confirm that the creator holds less than 5% of the supply. Liquidity should also be a point of interest. Projects should have around 95% of its supply locked or burned.
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