This remarkable story of recovery was first reported by Lookonchain in a post on X on January 23. The trading involved VINE, a recently launched meme coin based on Solana, on pumpdotfun. By the way, pumpdotfun is a platform that has gained notoriety in Solana for being the site of thousands of scam sales of meme tokens (Crypto Rug Pulls — a form of fraud where liquidity is artificially drained from a token, leaving all coins with the owners).
How a Crypto Trader Turned $270,000 in Losses into $6 Million in Profit in One Day
Reportedly, the trader initially converted 20 SOL into 23 SOL through rapid trading of 1 million VINE. However, immediately after the sale, VINE skyrocketed, prompting the trader to return and purchase much more at higher prices.
This time, the crypto trader spent 1463 SOL, worth $374,000, to buy 26.6 million VINE. Following this significant purchase, VINE fell approximately 70% from its average price, resulting in unrealized losses of $270,000.
Refusing to accept the losses and give up, the trader held on for several more hours and was ultimately rewarded with impressive gains. At the time of writing, the crypto trader had nearly $6 million in unrealized profits, with the price of VINE at $0.2284.