A crypto trader has profited over $1 million from the Dogecoin (DOGE) rally, taking advantage of Elon Musk’s latest move sent the altcoin price to the moon.
Musk skyrocketed altcoin price, trader made millions of profits!
A crypto trader known on Twitter as the “Tree of Alpha” managed to make more than $1 million in profits from the latest Elon Musk-driven Dogecoin rally on Monday. It all started when Tree of Alpha, who declined to be named, shared that someone on the Tree News Discord chat network thought the Dogecoin icon was the Twitter logo. A minute later, popular cryptocurrency news Twitter account DB announced the new Twitter logo, causing Tree of Alpha to start buying Dogecoin. DOGE bought $3 million, then $2 million, and finally $3 million.
The average purchase price was around $0.0815, and it debuted around $0.095, making a profit of almost a million dollars. Tree of Alpha said, “This is actually by far my biggest transaction this year. Trading takes a lot of patience, but eventually you’ll come across a handful of trades like this DOGE that you absolutely have to nail. Everything else is preparation for these,” he explained.
Tree of Alpha’s trading strategy
cryptocoin.comAs you follow, Dogecoin gained more than 27% after Twitter’s blue bird logo was replaced with the famous Shiba Inu dog theme. The altcoin is currently trading at around $0.093. Tree of Alpha profited from DOGE transactions within 30 minutes, suspecting a late April Fool’s Fool by Twitter owner Elon Musk. “Elon could have tweeted something that denied everything,” Tree of Alpha noted.
Tree of Alpha noted that “if Elon or Twitter official accounts come out and say something quite positive about it[possible applications]it can re-enter.” The trader believes that Twitter can adopt DOGE as a payment option. In that context, “It’s a possibility, especially given Musk’s unpredictability. It will be prudent for everyone to keep notifications on the relevant accounts for further developments on the matter,” he says.
Tree of Alpha, based in Western Europe, claims to have started cryptocurrency trading in 2017. He adds that after March 2019, however, he started active trading and “stopped drawing lines on the charts” and became lucrative. “My advice to many people would be to try to get profit asymmetry in one way or another: they should either enter trades that have a much higher chance of going up or trades that are far more upside down from the bottom. I do this by trading news and events,” he explains.
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