The crypto market rally of 2024 has already featured many of the hallmarks of a cryptocurrency bull market, including the release of multiple new coins and tokens, a new all-time high (ATH) for Bitcoin (BTC), and various stories of rapid wealth-building.
The most recent of the rags-to-riches stories came late on June 6 when data from Solscan revealed that an insider acquired more than 190 million Hulkmania (HULK) – 19% of the total circulating supply – at the cost of just 7.1 Solana (SOL), worth $1,200 at the time.
The trade enabled them to, within a mere three hours, sell the 190 million HULK for more than 5,760 SOL – worth just under $1 million at the time.
In total, the investment returned more than 81,000% and grew about 812 times, per the calculation published on X by Lookonchain.
A side-effect of the selling was that it drove the price of the HULK token into the ground, reducing the value of the cryptocurrency by some 85%.
The timing of the sales and the associated HULK price collapse. Source: Lookonchain
The meme coin continued plummeting after the incident, and the mystery surrounding HULK only deepened as Hulk Hogan himself made an Instagram post claiming that his X account was compromised and urging fans to disregard any cryptocurrency-related posts.
Solana remains popular for new projects
Throughout 2024, Solana has been a highly popular blockchain for the launch of new cryptocurrencies thanks to its consistent uptime, scalability, and cost-effectiveness.
The native token of the Solana blockchain SOL has also benefitted from significant enthusiasm, driven in part by its market performance.
Indeed, the token saw a rapid rise in late 2023 when it rocketed from about $20 in October to above $100 on New Year’s Day, and its strong performance continued into 2024.
Following the rise – which, by the time of publication, amounted to 69.63% on the year-to-date (YTD) chart – Solana price today reached $171.96.
SOL YTD price chart. Source: Finbold
The risks and rewards of a crypto bull market
Despite the other highly successful trades – which have seen various investors make hundreds of thousands, millions even within just hours – it is worth noting that caution remains highly important in the crypto market.
Along with the string of positive news and developments, the 2024 bull market has featured its fair share of mishaps and scams.
A team member behind the meme coin Slerf (SLERF), for example, accidentally burned some $10 million worth of investments shortly after launch while the team behind CondomSol seemingly pulled off an old-fashioned rug pull.
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