BSC meme coin wealth myth! GMGN founder turned 370 dollars into 150,000 in half an hour.

The BNB Chain meme coin craze continues to heat up! Haze, the founder of GMGN, purchased the BSC meme coin SCI6900 for about $370 on the morning of October 10, which quickly attracted community attention, driving the market capitalization of the token to soar past $7.7 million within half an hour. Haze's unrealized gains once reached $150,000, and the total unrealized gains in his wallet reached $620,000 within nearly 4 hours, making him the third largest holder of the token.

Haze subsequently posted to clarify that it was only a test of the GMGN product and promised not to sell any tokens. On the same day, GMGN announced the launch of the S9 Global Trading Competition, with BSC officially sponsoring to increase the total prize pool to $354,000.

GMGN founder's god-level operation: 370 USD betting on 150,000 USD

(Source: GMGN)

BSC meme coins are still on fire! According to data from the meme coin trading platform GMGN, GMGN founder Haze purchased the meme coin SCI6900 on the BNB Chain on the morning of October 10, and this action quickly sparked community interest, also driving a rapid short-term increase in the price of the meme coin.

· From the third largest holder to 150,000 USD unrealized gains

It is worth mentioning that Haze became the third largest holder of the Token with just about 370 dollars, and the account's unrealized gains on the Token reached as high as 150,000 dollars. This astonishing return rate means that in just half an hour, the investment gained over 400 times in paper profits. This wealth creation myth is precisely the reason that attracts countless investors to flood into the meme coin market, and it is also the driving force behind the ongoing BSC meme coin craze.

At the same time, within the past 4 hours, Haze's Wallet unrealized gains have reached 620,000 USD. This means that besides SCI6900, other Tokens held by Haze have also seen significant increases. As the founder of GMGN, Haze has a deep understanding of the meme coin market, and his wallet movements are often seen by the community as a market barometer.

· The Amplifying Power of Celebrity Effect

Some netizens jokingly said that in the future, SCI6900 might be regarded as the platform coin of GMGN. This joke reflects an important phenomenon: in the meme coin market, the buying behavior of well-known figures can itself support the value of a token. When the founder of GMGN publicly buys a certain token, the community naturally associates it with the GMGN platform, creating an association of "official support," even if this was not Haze's original intention.

The celebrity effect is common in the cryptocurrency market. From Musk's influence on Dogecoin to various KOLs promoting tokens, celebrity purchases often trigger a herd mentality in a short period, driving prices to skyrocket. However, this increase often lacks real support, and when celebrities sell or interest declines, prices can collapse rapidly.

SCI6900 market capitalization roller coaster: from 7.7 million to 2.4 million USD

The price trend of SCI6900 perfectly showcases the extreme volatility of the meme coin market. The market capitalization once broke through 7.7 million USD, but at the time of writing, it has already fallen back to 2.4 million USD. This means that in just a few hours, the token's market capitalization evaporated by about 69%, and those investors who bought at the peak are facing significant losses.

· Market Logic of Wild Fluctuations

How is this rollercoaster-like price trend formed? When the news of Haze's purchase spread within the community, a large number of investors rushed in to buy SCI6900, hoping to catch the wave. Driven by FOMO (fear of missing out), the buying pressure far exceeded the selling pressure in a short period, pushing the price and market capitalization to rise rapidly. However, when the price reached a certain height, early buyers began to take profits, and selling pressure gradually increased.

At the same time, more rational investors realized that this rise lacked fundamental support and was purely driven by speculation, so they chose to exit or short. When selling pressure exceeds buying interest, prices begin to drop, which triggers panic selling. Those investors who bought at high prices see their losses widen and rush to stop losses and exit, further exacerbating the decline.

· The Dangers of Liquidity Traps

During the process of dropping from 7.7 million USD to 2.4 million USD, many investors may find themselves trapped in a liquidity trap. When you want to sell, you might discover insufficient buy order depth, and large sell orders can cause significant slippage. The "paper profit" you originally saw may shrink considerably when actually selling, or even turn into a loss.

This is the harsh reality of the meme coin market: the wealth that seems apparent and the wealth that can actually be realized are two different things. Haze's $150,000 unrealized gains are based on the market price at that time, but if he really wants to sell all his holdings, it's likely he won't be able to get that price, as large sell orders would crash the market, leading to a rapid decline in price.

Haze's Clarification Statement: Just a test, will not sell

Under the high attention of the community, Haze himself also posted on the platform, stating that he only bought the Token to test the GMGN product, but he will not sell, even if it is worth millions of dollars, he will hold it forever.

· Considerations Behind the Commitment

This statement has several layers of meaning. First, Haze tries to clear himself of any suspicion of speculation or market manipulation. As the founder of the GMGN platform, any trading actions he takes could be interpreted as "insider trading" or "leading orders." By emphasizing that it is "just testing the product," Haze attempts to position himself as a technology tester rather than a speculator.

Secondly, the commitment not to sell is meant to stabilize market sentiment. If Haze announces plans to sell, a large number of followers would rush to sell off, causing a panic event. By committing to hold permanently, it at least theoretically provides some confidence to other holders. However, the binding power of verbal commitments in the crypto world is extremely limited, and investors should not overly rely on such commitments.

· Test the rationality of the product

From a technical perspective, Haze, as the founder of GMGN, indeed needs to test the platform's functionalities. GMGN is a meme coin trading and tracking platform, and it is a normal product development process for the founder to personally use the product and provide feedback. However, the choice to use a public Wallet for testing, and the amount purchased being sufficient to become the third largest holder, raises questions about the "testing" nature of this approach.

A more cautious testing approach should involve using small amounts of funds, avoiding drawing market attention, or utilizing dedicated testing wallets. Regardless of its original intention, the method chosen by Haze has objectively caused market impact, and this responsibility is difficult to completely evade.

GMGN S9 Trading Competition: BSC Officially Increased to 354,000 USD

It is worth mentioning that on October 9, Haze also posted that GMGN will start the S9 Global Trading Competition today. Originally, the official prize pool was prepared at 254,000 USD, but later Haze added that BSC officially sponsored this event, increasing the prize to 354,000 USD.

· The synergy between trading competitions and the meme coin craze

The timing of the GMGN S9 trading competition is intriguing. Launching the trading competition at the peak of the BSC meme coin craze can maximize the platform's exposure and user participation. A prize pool of $354,000 is quite significant in the meme coin trading platform space, enough to attract a large number of traders to participate.

The official $100,000 sponsorship from BSC demonstrates BNB Chain's supportive attitude towards the meme coin ecosystem. Despite CZ's recent policy shift causing market turbulence, the BSC official is still actively promoting ecological development, trying to sustain the traffic and attention brought by the meme coin craze.

· Haze buys SCI6900 at the opportune moment

It is worth pondering that the time when Haze bought SCI6900 (the morning of October 10) was just one day after the announcement of the trading competition (October 9). Is this proximity in timing merely a coincidence? From a marketing perspective, the founder's high-profile operation combined with the launch of the trading competition can indeed create buzz and attract attention.

Regardless of Haze's motives, the objective effect has brought significant attention to the GMGN platform. The surge in SCI6900 has made more people aware of the GMGN trading platform and may attract more users to participate in the S9 trading competition. From a business perspective, this is successful marketing, but from an ethical standpoint, there may be concerns about conflicts of interest.

Current Status and Risks of BSC Meme Coin Market

The SCI6900 event is a microcosm of the current BSC meme coin market, reflecting the opportunities and dangers in this field.

· The Temptation of Wealth Creation Myths

The story of turning $370 into $150,000 is incredibly enticing, which is precisely why countless investors are drawn to the meme coin market. In traditional investment fields, a 400-fold return is nearly impossible to achieve in half an hour, but in the crypto meme coin market, such cases do occur from time to time. The problem is that behind every success story, there may be hundreds of failures.

The vast majority of investors who bought in at a high with SCI6900 did not achieve returns like Haze. Instead, those who bought near the market capitalization high of 7.7 million USD are currently facing about a 70% loss. This is the zero-sum game nature of the meme coin market: the wealth of a few is built on the losses of the many.

· Ethical Issues of Celebrity-led Trades

When a highly influential person publicly buys a certain Token, should they bear more responsibility? Haze, as the founder of GMGN, has every move amplified and interpreted by the community. Even if he claims to be just testing the product, it objectively creates the effect of market manipulation.

This has sparked a broader ethical discussion: what standards should crypto KOLs and platform founders adhere to when sharing their trades? Traditional financial markets have strict insider trading and market manipulation regulations, but the crypto market remains in a regulatory gray area. Before rules are established, reliance can only be placed on the self-discipline of practitioners and the supervision of the community.

· Warning from 7.7 million to 2.4 million

The market capitalization of SCI6900 has plummeted 69% from its peak, which is a severe warning. This tells us: the rise of meme coins can be rapid, but the decline can be just as swift; celebrity influence is temporary and cannot be used as a basis for long-term investment; high market capitalization does not equate to high liquidity, and it may not be possible to exit smoothly; FOMO is the most dangerous investment sentiment, often leading to buying at high levels.

Investors who bought near a market capitalization of $7.7 million are now facing not only unrealized losses but also a liquidity crisis. If they choose to cut losses and exit, they may face significant slippage; if they choose to continue holding, the price may drop further. This is the price of chasing highs.

GMGN S9 Global Trading Competition: Behind the $354,000 Prize

On October 9, Haze posted that GMGN will launch the S9 Global Trading Competition today. Originally, the official prize was set at $254,000, but Haze later added that BSC officially sponsored the event, raising the prize to $354,000.

· Official Strategy Considerations of BSC

The official sponsorship of $100,000 by BSC demonstrates BNB Chain's continued investment in ecological development. Although the aforementioned policy shift by CZ has caused market turbulence, it does not mean that BSC has completely abandoned the meme coin ecosystem. On the contrary, the official seems to be looking for a more sustainable and compliant way to support this domain.

Sponsoring trading platforms like GMGN instead of directly supporting a specific token project is a more prudent strategy. This approach can both promote ecological activity and avoid direct involvement in the controversies of individual projects. For BSC, maintaining liquidity and user activity in the ecosystem is a core goal, and trading competitions are an effective means of achieving this objective.

· The Significance of Trading Competitions for Retail Investors

For ordinary investors, participating in trading competitions is both an opportunity and a risk. The $354,000 prize pool will attract many skilled participants, and the competition will be very fierce. If you do not have rich experience in meme coin trading and risk management capabilities, you are likely to lose your principal in the process of pursuing the prize.

A more rational approach is to view trading competitions as learning opportunities, observing the strategies of other successful traders to improve one's own trading skills, rather than blindly investing large amounts of capital in pursuit of rankings. Even if one cannot win a prize, the accumulated experience and lessons are also valuable gains.

Warning to investors: Rationally view the BSC meme coin craze

The SCI6900 incident provided several important investment lessons. First, do not blindly follow celebrity trades. Haze managed to become the third largest holder at $370, indicating that he bought in very early, almost at the time the token was just issued. When you see the news and decide to follow, the price may have already risen several times or even dozens of times. Your cost is far higher than Haze's, and the risk-reward ratio is completely different.

Secondly, the "won't sell" promises made by celebrities need to be treated with caution. Verbal commitments lack enforceability in the on-chain world; even if Haze genuinely wants to hold, circumstances may change in the future and alter their decision. Investment decisions should not be based on trust in others' commitments, but rather on one's own independent judgment.

Third, the extreme fluctuations in market capitalization are the norm for meme coins. If you participate in this market, you must be mentally prepared to face drastic volatility. Set strict stop-loss levels, do not invest more than you can afford to lose, and never borrow money or use leverage to trade meme coins.

Fourth, beware of the trap of FOMO emotions. When you hear stories of others making money, you often have already missed the best opportunity. Buying at a high typically makes you the one left holding the bag, bearing the greatest risks but receiving the least return.