Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Crypto Trader Nets 161X Return, Fueling Market Speculation

Crypto Trader Nets 161X Return, Fueling Market Speculation

Cryptodnes2024/11/19 13:44
By:Cryptodnes

A crypto trader has captured widespread attention after making a staggering $6 million profit through savvy trading strategies.

This achievement comes amidst a slight decline in the price of MANTRA ( OM ), sparking discussions about its potential future trajectory. While some speculate that the trader’s significant sell-off could trigger further price drops, others remain optimistic due to prevailing trends in the broader market.

Data from the on-chain analytics platform The Data Nerd reveals that a wallet, identified as “0xdc2,” recently moved 600,000 OM tokens to Binance, with a value of approximately $2.53 million. According to Arkham Intelligence, this transaction is part of a calculated series of moves by the trader, who previously withdrew 1.489 million OM tokens in June 2023, purchasing them at an average price of $0.026 per token.

The latest sale saw the trader pocket a profit of $2.49 million on the 600,000 tokens alone, achieving a 64x return. In total, the trader’s activities have resulted in an estimated profit of $6.28 million, marking an impressive 161x return on investment.

READ MORE:
This Altcoin is the Best Buy During Bitcoin’s Correction, Says Top Analyst

The trader’s massive gains have stirred debates within the crypto community. While many investors use such opportunities to secure profits, significant sell-offs can introduce downward pressure on asset prices, raising concerns about potential short-term volatility.

Recent market examples highlight similar stories of rapid wealth creation, such as an investor turning $1,100 into $1.82 million in just 20 days through altcoin trades. Whether MANTRA can sustain its momentum or face challenges from increased selling pressure remains a key point of interest among market watchers.

0

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.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

The results of the Solana Radar hackathon have been announced, and the decentralized currency exchange platform Reflect has won the championship

This competition brings together founders and developers from over 120 countries, dedicated to building products in areas such as infrastructure, gaming, decentralized physical infrastructure networks (DePIN), DAOs, DeFi, payments, and various consumer applications.

Chaincatcher2024/11/21 12:00

Solana Hackathon TOP 3, CAI | CharacterX will launch unrestricted AI infrastructure services

In the AI era, infrastructure is like the roads and bridges of the digital world, and what we are building is a highway leading to the infinite possibilities of AI.

Chaincatcher2024/11/21 12:00