A trader reportedly generated over $3.2 million in profit from a quick trade involving the newly launched Hyper (HYPER) token, despite a broader slump in the crypto markets.
According to blockchain analytics platform Lookonchain, the trader turned an initial investment of $2,137 into over $3.2 million by trading the HYPER token on Raydium. The platform highlighted the feat in a Jan. 6 post on X:
Savvy Hyper trader, selling patterns. Source: Lookonchain
Hyper was launched on Raydium at 1:45 am UTC on Jan. 6 as the utility token of the Hyperfy metaverse and gaming platform.
HYPER/USD, all-time chart. Source: Raydium
The Hyper token's price surged to an all-time high of $0.26 at 12:30 pm UTC, before dropping to $0.19 by 2:15 pm. Its market capitalization currently stands at over $198 million, according to Raydium.
Some crypto traders have managed to secure millions in profits despite the current downturn in the crypto market, which has seen Bitcoin BTC$101,780 trading below the $100,000 mark since Dec. 19, according to Cointelegraph Markets Pro data.
At the end of December, another trader made over $1.1 million in unrealized profit within two days on his 5x leveraged Ether ETH$3,695.77 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.
