Some crypto traders win millions despite crypto market corrections

A crypto trader has generated over $3.2 million in profit from the newly launched Hyper (HYPER) token, despite a slump in the broader crypto markets.

The trader turned an initial investment of $2,137 into over $3.2 million by trading the Hyper token on the Raydium decentralized exchange (DEX), according to blockchain analytics platform Lookonchain.

The return on their investment equates to more than 1,500 times their initial capital in just 10 hours, Lookonchain noted in a Jan. 6 post on X:

“An address bought and sold 15,000,000 HYPER tokens and made a profit of 1,513 times, which is $3,227,833. This address began buying a large number of HYPER tokens on Raydium at 1:45 am UTC on Jan. 6.”

Hyper was launched on Raydium at 1:45 am UTC on Jan. 6 as the utility token of the Hyperfy metaverse and gaming platform. The token generation event began on the Solana-based DEX at 11:00 am UTC on Jan. 5.

According to Raydium data, the Hyper token rose to an all-time high of $0.26 at 12:30 pm UTC before falling to $0.19 at 2:15 pm. Its market capitalization currently exceeds $198 million.

Some traders win millions despite crypto market corrections

Some crypto traders have been making millions even during the current crypto market slump, which saw Bitcoin (BTC) trading below the $100,000 mark since Dec. 19, according to Cointelegraph Markets Pro data.

At the end of December, another savvy trader made over $1.1 million in unrealized profit within two days on his 5x leveraged Ether (ETH) short position.

Short-selling involves borrowing the underlying cryptocurrency, selling it at the current price, and later repurchasing it at a lower price, allowing traders to capitalize on declining market trends.

Other traders are benefiting from the volatility of memecoins despite their intrinsic lack of utility.

On Dec. 14, a crypto trader turned $27 into $52 million by capitalizing on the Pepe (PEPE) memecoin rally. The unknown trader has held his initial investment for over 600 days.

PEPE was the second-best performing cryptocurrency in the top 100 tokens in 2024 after staging an over 1,600% return during the year.