The Bitcoin and altcoin market continues to witness strategic plays and impressive returns. Two recent stories illustrate the profit potential in this dynamic area.
PENDLE trader made big profit
In a bold move, a savvy trader recently made a significant profit on the cryptocurrency PENDLE. According to Lookonchain, a leading blockchain tracking platform, the trader deposited 1.2 million PENDLE tokens worth approximately $6.74 million on the Binance exchange just three hours ago. This transaction followed a strategic accumulation phase that started between February 9 and April 22, 2023. During this time, the trader purchased 3.21 million PENDLE tokens at an average price of $0.27 per token using 869,757 USDC Coins.
The investment intelligence of the investor did not stop there. Taking advantage of market gains, they strategically withdrew 111,055 PENDLE tokens worth $226,000 from Gate.io on April 27, and the token was priced at a much higher price of $0.49. This move proved fruitful as PENDLE’s current price is $5.38.
Altcoin PENDLE made a return of 1841 percent with its investment
The total profit traders made from the PENDLE investment skyrocketed to a staggering $18 million with an outstanding Return on Investment (ROI) of 1841%. This outstanding performance highlights the investor’s keen eye for strategic investing and ability to time the market effectively. Success stories underscore the potential for significant gains in the crypto market, especially for those who can make well-informed decisions and take advantage of market trends.
The growing interest in Decentralized Finance (DeFi) and Blockchain assets creates fertile ground for such strategic plays. As this trend continues to gain momentum, more investors are likely to take advantage of these opportunities to generate significant returns.
Meme coins made a splash
While the PENDLE story exemplifies strategic investing, another trend influencing the crypto market is the rise of Meme coins. On April 27, Lookonchain analysis detected a meme coin trader address starting with “Ceso4” who had profited handsomely by trading Meme coin over the past week. This address reportedly earned 7,945 SOL, which translates into a profit of approximately $1.09 million.
Examining its trades, the report reveals that the address earned 5,363 SOL (about $735,000) from MANEKI and 2,449 SOL (about $336,000) from GUMMY. Specifically, they traded a total of 13 Meme coins, with 8 of those trades making a profit, giving them an impressive win rate of 61.5%. The success of meme coin traders highlights the unpredictable but potentially lucrative nature of this segment of the crypto market. Although the inherent volatility of meme coins carries a higher risk factor, skilled traders can take advantage of market sentiment and trends to generate significant gains.
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