Despite its risks and heightened volatility, the cryptocurrency market can offer people the chance of making substantial gains in a relatively short time. Of course, this usually requires entering the ecosystem early enough and knowing when to cash out.
Check out the crazy story of one trader who dealt with Hyperliquid’s HYPE.
Millions in Less Than 2 Years
Lookonchain revealed the case of a mysterious whale who bought 257,928 HYPE toward the end of 2024. At the time, the price of one token was about $3.50, making the total investment just north of $900,000.
Last week, the anonymous person or entity deposited 131,421 units (worth roughly $11.77 million) into Kraken. The analytics platform did not disclose whether the whale actually sold their stash, but such a move is often seen as the step before cashing out.
Most recently, the investor transferred an additional 100,276 HYPE (equaling $8.17 million) to the same exchange. If those moves resulted in actual sales, the whale would have made more than $19 million in profit in less than two years. Moreover, they keep holding 26,231 HYPE, currently worth over $2.14 million.
Such impressive profits aren’t isolated in the crypto world and usually involve meme coins, which are notorious for their volatility. In spring 2024, one trader generated more than $3 million (at least on paper) after investing in the then-trending Solana-based token Slerf (SLERF).
One of the most shocking cases involves a mysterious market participant who bought $8,000 worth of Shiba Inu (SHIB) in August 2020. In November 2021, the self-proclaimed Dogecoin killer experienced a major bull run, prompting the trader to send a large chunk of their stash to different wallets, perhaps to sell, which would have netted billions in profit.
The Right Time to Sell HYPE?
Cashing out HYPE tokens to generate millions of dollars sure sounds like a great decision, but let’s see whether the asset can post further gains. As of this writing, it trades around $81 (per CoinGecko), up 2% on a monthly scale but down 16% from its historic peak of almost $100 earlier this year.
According to FOUR | Crypto Spaces, the asset has been stuck in a descending channel “long enough,” with expectations of a short-term reversal toward $100. For their part, Aman offered a more bearish prediction, noting the formation of a double-top pattern that could lead to a dip to $75.
It is important to note that HYPE’s recent exchange netflow supports the optimistic scenario. Over the past several weeks, outflows have significantly outpaced inflows, suggesting investors have shifted from centralized platforms to self-custody, reducing immediate selling pressure.
The post Making Millions in 2 Years: Here’s How This Hyperliquid (HYPE) Trader Did It appeared first on CryptoPotato.