An experienced trader is reaping considerable rewards by taking advantage of new altcoin listings on Binance, according to data from Lookonchain released on October 25. Following the announcement of perpetual futures for the altcoin MOODENG, the trader bought 1,300 SOL, equating to around 2.77 million MOODENG. Within minutes, the investment soared to 2,109 SOL, yielding a profit of 809 SOL, or approximately $140,000, demonstrating a skillful approach to quick trading and returns.
How Did the Trader Achieve Success?
On October 24, the same trader utilized a comparable tactic with another altcoin, GOAT, following its Binance listing. Through this method, they successfully accumulated 99 SOL, translating to roughly $17,000 in profits from that day’s endeavors.
The trader’s strategy revolves around vigilant monitoring of Binance’s new listings, allowing them to make large purchases immediately upon announcements and profit from rapid sales.
Can Quick Trading Strategies Be Sustained?
The trader’s achievements underscore the lucrative possibilities in the cryptocurrency sector through timely transactions. Data analyzed by Lookonchain shows that acting quickly on new altcoin listings from significant exchanges like Binance enhances profitability. However, caution is necessary due to market volatility, as rapid trading may not suit all participants due to risks involved.
- Strategic timing during new altcoin listings can yield substantial profits.
- A fast-paced trading approach requires careful market observation.
- Potential risks are inherent, advising careful consideration before adopting similar strategies.
The example set by this trader illustrates that major exchange announcements can trigger short-term price shifts, offering opportunities for significant gains if leveraged correctly.