Cryptocurrency owner increased his profit by 170,000% in a few months

The trader managed to turn about $ 1,360 into more than $ 2.3 million in five months, making a 170,000% profit. The investor spent 12 Solana (SOL) tokens to buy the meme-inspired cryptocurrency at the end of last year.

According to Lookonchain, an online analysis service, the trader bought 5.21 million PONKE tokens on December 24 and has been holding them since then as the cryptocurrency’s price has been rising. The value of the memtoken has recently increased sharply amid the general rise of the cryptocurrency market.

The catalyst for the broader market surge was news related to the potential approval of spot exchange-traded funds trading in ethereum. The U.S. Securities and Exchange Commission (SEC) unexpectedly asked exchanges that want to list and trade these funds to update key documents related to these products.

Eric Balchunas, chief exchange-traded fund specialist at Bloomberg Intelligence, said that the probability of approval of spot ETH-ETFs this week increased from 25% to 75%. The expert emphasized that he and another expert, James Seyffarth, came to this conclusion.

The deadline for the SEC to make a decision on VanEck’s application is May 23. The proposal, jointly filed by Katie Wood 's investment management company ARK Invest and ETF issuer 21Shares, will receive its verdict from the agency the following day. The list of applicants for the launch of a spot Ethereum ETF also includes such companies as BlackRock, Fidelity, Bitwise, Galaxy Digital, Franklin Templeton, and Hashdex.