The crypto realm is filled with rags to riches stories. Such stories have filled the imaginations of many young investors aspiring to make it big in crypto. According to a cryptocurrency analysis company WatchOnChain, a diamond dealer turned $1,361 into $2.32 million in just five months. The increase in value translates into a growth of approximately 170.362%, or 1705X.
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LookOnChain notes that on December 24, 2023, the trader spent 12 Solana (SOL) tokens, worth approximately $1361, to purchase 5.21 million PONKE tokens. Since December, the price of PONKE has increased many times. The value of the trader's portfolio has therefore increased to $2.32 million.
How can you recognize cryptocurrencies that can make you a millionaire?
There are plenty of assets that can make you a millionaire. However, such assets come with many risks. Often these projects are pump-and-dump schemes that usually result in investors losing their initial capital. Therefore, investors should be careful before investing their money in such projects.
Long-term investments are the safest way to make it big with cryptocurrencies. Bitcoin (BTC), the first crypto asset, is perhaps the best performing asset of the past fifteen years. The price of BTC has risen from less than $1 to over $73,000 in about 15 years. Although it is tempting to make money quickly, investing in long-term projects carries much less risk. Furthermore, projects like BTC and Ethereum (ETH) have much more utility than smaller projects. However, small assets can potentially deliver greater returns in a shorter period of time.
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If an investor wants to spot a small cryptocurrency and make it big, he should keep his eyes on the market and look out for new launches. Furthermore, investors are advised to conduct proper due diligence before investing their money in a new project.