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Diamond Hand Holder Nets Over $1 Million Profit On $1,000 Investment
Blockchain sleuth Lookonchain identified a BNB wallet address of an investor with diamond hands, showcasing the long-term losses associated with panic selling. Diamond hands refers to investors who hold on to their investments despite extreme market volatility and price fluctuations.
Lookonchain pointed out that this particular individual purchased their stockpile for just under $1,000 when the Binance ecosystem’s native token was changing hands for roughly $1 back in 2017.
Reaping Profits Through HODL Strategy
The stash is now worth over $1 million, representing an eye-watering 1,000-fold return on his initial investment within the eight-year time span. Despite the profits, the diamond-hand investor continues HODLing the BNB tokens instead of taking profits, data from blockchain analytics platform Nansen shows.
The 1,000-fold profit comes as Binance’s BNB briefly rocketed above the $1,000 milestone for the first time in history before paring gains, according to CoinGecko. It has settled at $994.55 as of press time after setting the new record high of $1,004.14 earlier today.
 
BNB’s current $138.4 billion market capitalization makes it the fifth-largest crypto on the market. The token is up 10.5% over the past seven days. The rally comes on the back of renewed belief as Binance is reportedly in talks with the U.S. Department of Justice (DOJ) to end a key compliance requirement from the exchange’s 2023 settlement. Should the deal be finalized, it would require the world’s largest crypto exchange to adopt a stricter internal reporting system in order to be released from court-appointed monitors.
Moreover, there are speculations online about the possible return of co-founder Changpeng Zhao, who was forced to resign as part of Binance’s DOJ settlement. The rumors started after Zhao changed his X profile from “ex-Binance” to “Binance.” While there is no official confirmation of his return to leadership, the narrative seems to be further fueling momentum behind BNB.