A cryptocurrency trader who scored a seven-figure paper profit on a Starknet (STRK) trade is betting on another altcoin as market momentum builds.
The trader has now turned to Wormhole (W), opening a leveraged position as the token extends its rally.
According to blockchain analytics firm Lookonchain , the wallet opened a 5x isolated long on 28.88 million W tokens, valued at approximately $643,000 at entry.
Keep an eye on this new wallet (0x2f59), which made over $1M in a single day longing $STRK and is now going long on $W !
6 hours ago, it opened a 5x long on 28.88M $W ($643K). $W is already up 25% today. Can it go even higher? https://t.co/ekiYQz2VfE pic.twitter.com/SDY3gZ6a62
— Lookonchain (@lookonchain) October 12, 2026
The move follows a STRK trade in which the same wallet opened a 3x isolated long on 24.42 million tokens worth about $2.9 million. The position generated more than $1.05 million in unrealized profits in less than 24 hours, as reported by Finbold.
W was already up approximately 25% when the new position was reported. As of press time, the token was trading at $0.02832, up 55% in the past 24 hours, while on the weekly timeline Wormhole has gained 85%.
Why Wormhole is rallying
The rally coincided with improving altcoin sentiment. In this vein, CoinMarketCap’s Altcoin Season Index climbed to 64, signaling increased momentum among alternative cryptocurrencies relative to Bitcoin ( BTC ).
Trading volume and derivatives open interest also reportedly increased, suggesting greater market participation and speculative interest in W.
Wormhole is a cross-chain interoperability protocol that facilitates asset and data transfers between blockchains. Its native W token supports governance, while the protocol also focuses on multichain applications and real-world asset tokenization.
The trader’s 5x leverage amplifies both potential gains and losses. A sustained rally could increase unrealized profits, while a sharp reversal could trigger liquidation.
The STRK trade’s reported $1.05 million profit remained unrealized, meaning it represented paper gains rather than confirmed realized profits. The same distinction applies to the new W position.
Overall, Wormhole’s rally will depend on continued buying pressure and broader market sentiment, while profit-taking could put pressure on the token’s price.
Featured image via Shutterstock
The post Crypto trader who made $1 million in a day just went long on this asset appeared first on Finbold .
