An anonymous trader shared his nearly 21,000 percent earnings journey through his tweets. The trader switched between top cryptocurrencies and altcoin projects and profited along the way. Litecoin, Bitcoin and Serum led to a 102.8% gain in the investor’s portfolio.
Trader made a six-figure profit as a result of “The Degen Challenge”
RektProof achieved a 21,000 percent gain in two months. The trader started a thread on Twitter, documenting every transaction that raised his account balance from $500 to over $214,000. The trader points to the “Degen Challenge,” a term used for high-risk trading without due diligence and research. The term was coined on the WallStreetBets subreddit on Reddit, with over a million traders calling themselves “degenerates”.
Twitter is flooded with traders making triple-digit profits through trading NFTs. However, RektProof has opened positions in Bitcoin, Ethereum, Litecoin, Serum and other altcoins in high-risk transactions. The trader started the challenge by opening a long Ethereum position. In one week, he opened two long positions, gaining 42 percent as unrealized gains. Gaming token Axie Infinity (AXS) was next on the list where it opened a long position. By the end of the first month, RektProof had made over $12,000 in profit, seeing a 40x gain on his account. He then opened long positions at Polygon (MATIC) and Internet Computer (ICP).
The most critical altcoin trade was Serum
The most critical trade was a long position in Serum, the local presence of the decentralized exchange Serum in Solana, which boosted RektProof’s portfolio gains to triple digits, 100x. The trader admitted that he would not recommend his high-risk moves to others. In more than sixty days, it has made a profit of over 21,000 percent. The latest trends like Arbitrum’s fragmented NFTs, liquidity mining, and yield farming have fueled the narrative of saving big gains through “degen trading.”
cryptocoin.com As we also reported, in the flash crash of the crypto market on September 7, 92 percent of long positions were liquidated. Futures and margin traders made larger bets on their portfolios and borrowed capital from multiple exchanges. Historically, when longs are overly leveraged, there is a correction in Bitcoin price and tens of thousands of traders are liquidated from their positions. In this case, a “degen trader” will then take advantage of the opportunity to hoard their coins by catching a bottom before recovery.
RektCapital analyzed Bitcoin
Another cryptocurrency trader and analyst, RektCapital, pointed out in his recent Bitcoin price analysis that BTC has developed a Golden Cross pattern. A Golden Cross occurs when the moving averages cross the relatively short-term moving average above the long-term moving average. They are considered a long-term indicator, they indicate a bull market accompanied by high trading volumes.
RektCapital points out that there are false levels in the ongoing rally and that the latest Golden Cross may be voided in the future. If Bitcoin stays above a psychologically important support level above $29,000, the uptrend is likely to continue.
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