A cryptocurrency trader that is being followed on-chain for its success has managed to turn around $98 worth of cryptocurrency into a massive $1.1 million in just over 90 days, an achievement that is verifiable on the blockchain and suggests deep market knowledge.
The transformation of this trader’s wallet from a modest $98 to over $1 million in three months was highlighted in a tweet by the on-chain analyst 0xReflection, which pointed to the trader’s largest successes in the digital currency space.
The trader, identified by a wallet address starting with 0xad47, invested at specific times in various tokens with small market capitalizations, with the individual pioneering investments in these assets in some cases.
The most significant gain for the wallet came from ATOR, the principal token of the AirTor Protocol. Since its launch earlier this year, ATOR has seen a meteoric rise of over 7,000%, and the trader was an early investor after buying 600,000 at $0.08 each.
The gains from this investment were around $900,000, after the token’s price surged to over $1.7.
The trader also has significant unrealized gains from an investment in the native token of decentralized gaming organization Merit Circle, MC, which it acquired at $0.29. After accumulating 100,000 tokens, the trader is sitting on an unrealized $62,900 profit, but hasn’t sold yet.
0xReflection also noted that other smart wallets have started investing in MC, suggesting potential growth for the token in the near future.
The trader also profited from the AllianceBlock Nexera Token (NXRA), which he bought 333,344 units of in June, when its price had dropped after a spike in April. He paid an average of $0.05 per NXRA, and now his investment is worth $17,044 more, as the current price is around $0.11.
The analyst 0xReflection noted that while the investor has shown good results,” mindless copying of trades” won’t allow investors to make the same returns and could lead to losses.
Featured image via Unsplash.
Source: Read Full Article