A new Chinese cryptocurrency called Niu Lai, named after a movie of the same name, has rewarded initial investors with life-changing returns. Early risk-takers have seen their investments balloon to more than $1 million in just a week after its launch. On-chain data and metrics firm Lookonchain was the first to dish out the transaction, highlighting the meteoric rise. This was a novice and obscure cryptocurrency, which only a few traders dared to take an entry position in.
A trader invested a mere $148 into the Chinese cryptocurrency Niu Lai, but missed out on taking home a whopping $1.3 million. He sold everything when his investment rose nearly 900% and took home $1,430. Just a few days later, that same investment of $148, if he had held on to it, could have made him a fortune of $1.3 million. He pressed the sell button a tad early and missed out on life-changing gains.
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“This guy spent just $148 to buy 37.96 million of $牛来, now worth $1.3 million. But he sold everything too early for a profit of $1,430. He missed out on a $1.3 million profit,” revealed Lookonchain. The metrics firm also mentioned the wallet address for users to further look into the transactions. This is a missed opportunity for the cryptocurrency trader, who would be upset now seeing the gains he could have actually made if he was a bit more patient.
Cryptocurrency Market: Why Selling Early & Holding On Are Equally Dangerous
The development highlights the lesson that holding on for the long term could be the most beneficial. However, this can sometimes work for you or against you in the broader cryptocurrency market. New cryptocurrencies are known for their boom and bust cycles, and there is no way to predict how high or low they can trade. Trades like these are mostly luck-based and have nothing to do with conviction or strategy. The risk is solely on the trader, as these cryptocurrencies do not run on previous chart cycles and candles.
