A trader successfully turned an initial investment of $9,000 into $5 million within a month by investing in LAUNCHCOIN, previously known as PASTERNAK. The sudden surge in LAUNCHCOIN by over 348% in the last 24 hours has pushed its market capitalization above $230 million, sparking curiosity about the reasons for its rapid rise.

LAUNCHCOIN has gained significant attention due to its remarkable price increase of more than 348% in just 24 hours, elevating its market capitalization beyond $230 million with a trading volume of $126 million within the same period. The coin's price chart illustrates its nearly vertical growth trajectory in the past seven days, reaching $0.241.

The association of LAUNCHCOIN with Ben Pasternak, the founder of Clout—an innovative SocialFi platform operating on Web3 technology, has contributed to its appeal. The rebranding of PASTERNAK to Launch Coin on Believe (LAUNCHCOIN) aligns with Clout's transformation to Believe, enhancing the token's recognition and positioning in the market.

The convergence of Web3 technology and the SocialFi concept has made LAUNCHCOIN particularly appealing amidst the increasing interest in Solana-based projects. Notably, early investors and major holders, known as whales, have reaped substantial profits from LAUNCHCOIN's surge. For instance, a trader who initially invested $9,075 to acquire 20.3 million LAUNCHCOIN tokens now holds assets worth $4.7 million with a remarkable return of 515x.

While LAUNCHCOIN has brought substantial profits, its rapid price escalation poses inherent risks typical of celebrity-backed coins like susceptibility to price manipulation and high volatility. Concerns arise about sustainability and potential market risks amidst the coin's extraordinary growth. Investors are encouraged to conduct diligent research, evaluate liquidity, and adopt sound investment strategies to maximize potential returns and navigate market volatility effectively.