A Solana trader, known by the pseudonym XCkM, turned an $80,000 investment into $1.2 million by betting on AURA, a meme coin built on the Solana blockchain. Yet, he saw most of his profits evaporate due to his decision to hold rather than cash out at the peak.
The story began when XCkM initially bought 2 million AURA tokens for just $4,943 at the token’s launch.
Sensing an opportunity as the token gained traction, he gradually increased his stake, eventually investing a total of $80,000.
By July, as AURA’s value soared, the trader’s holdings skyrocketed to $1.22 million. AURA’s market cap reached an impressive $75 million at its peak, making the trader’s investment appear like a brilliant move.
However, instead of taking his substantial profits off the table, XCkM chose to “diamond hand” his position—a term in the crypto world that refers to holding onto an asset despite extreme volatility, with the expectation of further gains.
This strategy proved costly when AURA’s price took a nosedive, losing 86% of its value and dropping to a market cap of just $8.9 million. The trader’s holdings shrank considerably as a result.
Despite this significant loss, XCkM’s portfolio remains valued at over $1.3 million, largely thanks to other successful investments in lesser-known meme coins and niche tokens.
His holdings include Dogwifhat ($962,720), SAD HAMSTER ($173,490), SIGMA ($33,510), and Nomnom ($1,020), among others.
These alternative investments have kept his overall portfolio relatively buoyant, demonstrating his knack for identifying promising, albeit risky, assets. Interestingly, AURA’s price may be poised for a comeback.
Market analysts have noted a “round bottom” pattern forming on the daily chart, which could develop into a “cup and handle” pattern—a classic bullish signal in technical analysis.
If this plays out, AURA’s price could potentially rise by 222% to reach $0.03, pushing XCkM’s current holdings from $144,000 to $460,000. This would translate to a significant recovery and a nearly five-fold return on his initial investment of $80,000.
However, uncertainty looms as FTX, a significant holder of Solana-based assets, prepares to offload its holdings, which could further impact AURA’s price trajectory.
Despite his two years of experience as a crypto trader, as shown by Solscan data, XCkM’s story serves as a reminder of the risks involved in the crypto space, where greed and hesitation can turn million-dollar fortunes into missed opportunities almost overnight.
