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Meme coin trader nets 400% profit with Telegram-linked DOGS token

GrafaGrafa2024/08/28 04:45
By:Isaac Francis

A savvy trader recently made headlines in the crypto community by turning a significant profit on the new Telegram-associated meme coin, Dogs (CRYPTO:DOGS).

The trader managed to earn over 400% by strategically buying and selling the token, highlighting both the potential rewards and risks in the volatile meme coin market.

The Dogs (DOGS) token, which emerged only a week ago, quickly gained attention as it became available on decentralized exchanges before being listed on major platforms like Binance, ByBit, and OKX.

The heightened volatility typical of meme coins, especially during their initial trading days, can lead to substantial gains for those who time their trades effectively.

According to crypto analytics platform Lookonchain, the trader spent $18,400 worth of TON to acquire 55.9 million DOGS tokens through a series of transactions on August 26.

Shortly thereafter, they sold 20 million of these tokens for 6,140 TON, roughly equivalent to $34,600.

The remaining tokens, valued at approximately $61,000, were deposited into a centralized exchange.

If the trader had sold all their DOGS tokens at the time of deposit, they would have netted a total profit exceeding $77,000.

This impressive gain led to speculation within the community, with some questioning how the trader seemingly anticipated the token’s listing on Binance.

Others were puzzled by how the transactions were conducted, particularly since the cross-chain DEX Ston.fi reportedly experienced congestion, making swaps unavailable for hours on August 26.

However, the meme coin sector is not without its dangers.

Earlier this month, another trader faced a harsh reality when they lost nearly $900,000 on a Trump-themed meme coin called Restore the Republic (RTR).

Despite the initial surge in the coin’s valuation, its price plummeted shortly after, leaving the trader with a mere $18,000 from their investment.

This contrasting outcome serves as a stark reminder of the high risks associated with meme coin trading.

Investors are urged to conduct thorough research and approach the market with caution, only investing what they are prepared to lose.

At the time of writing, the Dogs price was $0.001258.

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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.

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