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A Trader Made 420 Percent Profit in Controversial Altcoin Within Hours: Here Is The Method He Used

A Trader Made 420 Percent Profit in Controversial Altcoin Within Hours: Here Is The Method He Used

BitcoinsistemiBitcoinsistemi2024/08/27 01:18
By:Mete Demiralp

According to Onchain data, a cryptocurrency whale made a significant profit within hours of purchasing an altcoin.

According to data provided by Lookonchain, a crypto whale managed to make more than 400% profit on a recently launched altcoin.

DOGS, a Telegram-based memecoin, was launched today and the interest was so high that some outages were seen on the Toncoin (TON) network and disruptions in transactions on exchanges.

Related News Veteran Analyst Reveals Most Import ant Price Level for Bitcoin Based on Whales' Buying Pattern

So how was this trader able to make so much profit on such a popular altcoin?

According to the data, the DOGS token was already trading on decentralized exchanges a few hours before it was listed on centralized exchanges. The token’s price on decentralized exchanges dropped to $0.00013.

According to Onchain data, this crypto whale spent $18,400 worth of TON on the decentralized exchange to buy 55.9 million DOGS tokens. He then sold 20 million of them for $34,600 on the decentralized exchange and transferred the remaining 35.9 million tokens to centralized exchanges for $61,000. In total, he made a profit of $77,300, or 420%, from these transactions.

However, many of the altcoins listed on decentralized exchanges can never be listed on centralized exchanges, causing investors to suffer losses.

*This is not investment advice.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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