Cryptocurrency Investor Makes Over 346x Profit from Solana-Linked Altcoin, Skyrocketing 71,164% Within a Month: Findings from Lookonchain Data
A cryptocurrency tracker firm, Lookonchain, has highlighted a trader who has seen significant gains from investing in a SocialFi project built on the Solana ecosystem. Pseudonymously known as E4Rued, the trader made a bet on Launch Coin (LAUNCHCOIN) less than a month ago and has profited over 34,500% from the investment.
According to Lookonchain, E4Rued withdrew approximately $10,000 from Binance to buy LAUNCHCOIN before its surge, sold it all for $3.46 million, and deposited the funds back into Binance. At the time of writing, LAUNCHCOIN is trading at $0.248, up by over 71,000% from its April 22nd low of $0.000348.
Lookonchain also highlighted another trader who has recorded massive gains on the Solana-based SocialFi crypto project in less than three weeks. This trader made more than $4 million with only $8,191 in just 22 days, equating to a 500x return. After four months of inactivity, the trader suddenly withdrew 68.8 SOL from Binance 22 days ago and spent 54 SOL ($8,191) to buy 14.62 million LAUNCHCOIN when its market cap was under $500,000. The current market cap of LAUNCHCOIN is now a little over $239 million.
Last week, when LAUNCHCOIN's market cap was around two-thirds of its current level, Lookonchain highlighted another trader who made a 51,690% gain on the SocialFi altcoin. This trader turned $9,075 into $4.7 million, a 515x return.
Launched in November 2021, LAUNCHCOIN is a decentralized token issuance platform enabling users to create new Solana-based tokens by posting on social media platforms such as X (formerly Twitter), with an automated smart contract process. The innovative "one-sentence coin issuance" feature, along with strong social and decentralized finance (SocialFi) elements, has driven community engagement and attracted notable whale investments.
While LaunchCoin recently posted another 12–15% gain, competition from other Solana launchpad projects is increasing, and trading sentiment has cooled somewhat after the initial surge. Some traders have capitalized on the volatility, such as one trader (pow) who sold 7.6 million LAUNCHCOIN for 9,040 SOL (roughly $1.54 million). However, such large sales can introduce selling pressure, and technical analysis suggests possible support around $0.18 if the selling trend persists.
As LaunchCoin's recent performance demonstrates, the Solana ecosystem continues to produce impressive price movements for investments in projects with innovative features and strong community engagement. However, traders should be mindful of volatility and possible consolidation as the market matures, as competition intensifies, and as investors book their profits.
- The success stories of E4Rued and another unnamed trader, as highlighted by Lookonchain, demonstrate significant returns from investing in the Solana-based SocialFi crypto project, Launch Coin (LAUNCHCOIN), with E4Rued recording a 34,500% profit and the other trader a 500x return, showcasing the potential of cryptocurrency investing and altcoins within the finance sector, particularly those built using blockchain technology.
- With impressive gains, such as those seen with LAUNCHCOIN, the Solana ecosystem continues to attract attention and investment in the world of decentralized finance (DeFi) and SocialFi, offering opportunities for traders to profit from innovative projects and the subsequent blockchain-driven price movements, but also presenting challenges due to volatility and increased competition, necessitating careful investment strategies.
