Key Takeaways:
On Monday, a trader managed to secure a huge profit by trading the DOGS meme cryptocurrency. The trader made a series of trades on centralized (CEX) and decentralized (DEX) exchanges, which returned profits exceeding 400%.
DOGS Trader Flipped 55.9 Million Tokens On CEX To Make Whopping 420% Profit
The trader first purchased 55.9 million $DOGS for 3,271 TON, approximately $18,000 at the current rate, from a DEX. Shortly after the purchase, $DOGS was listed on CEXs, where its value increased substantially.
According to on-chain analytics firm Lookonchain, the trader made over 400% profits on the cryptocurrency totaling $77,300 from an initial investment of just $18,400. The trader made this huge profit from transactions between decentralized and centralized exchanges, as the token began trading on CEXs two hours before it was listed on DEXs.
The trader sold 20 million DOGS for 6,150 TON, equivalent to $34,600. This single transaction doubled the profit on the initial investment. In a subsequent move, the trader deposited the remaining 35.9 million DOGS on a CEX, where they were sold for $61,000, making 420% in profit.
The crypto market has been closely monitoring DOGS, particularly as it transitioned from trading on decentralized exchanges to a broader audience on centralized exchanges. What makes this particular transaction noteworthy is the execution of the trades within a short timeframe, which allowed the trader to leverage the price difference between DEX and CEX.
When the trader made the first transaction, DOGS was trading at $0.00013. Currently, the cryptocurrency is changing hands at $0.001253.
DOGS Is Currently Listed On OKX, Gate.io, And Bybit
Like other crypto investors, this trader must have been attracted to the hype behind the DOGS token. The Telegram-native meme coin deployed on The Open Network (TON) has its utility situated around non-fungible tokens (NFTs).
Most of the recent momentum surrounding the token came from the announcement that it will be listed on centralized exchanges on August 26, 2024. DOGS is now listed on major cryptocurrency exchanges, including OKX, Gate.io, and Bybit. Another major boost for the token came after it was listed as the 57th protocol on Binance’s launch pool for new cryptocurrency projects.
Crypto Investors Divided Over DOGS Trader’s Strategy
The transaction was lauded by the crypto community, with one X user named “Kimz” calling it an “impressive trading” strategy, even pointing out that the trader’s DOGS market timing paid off big time. However, others criticized the trader for involving in insider trading, posting questions about how the trader already knew that the coin would be listed on centralized exchanges just 2 hours earlier.
Meanwhile, the hype surrounding DOGS has already faded as the memecoin is currently trading in the red zone. The price of DOGS has declined significantly by nearly 20% in the last 24 hours. Despite the downtrend, the token was the 7th most traded cryptocurrency over the last day with a trading volume of $2.14 billion and a market cap of $658.7 million.
The TON-based cryptocurrency, native to a crypto game on Telegram, continues to gain traction. Its frenzy has now spread across the broader market. DOGS is still on the rise despite the recent arrest of Telegram co-founder Pavel Durov in France.
At the time of writing, DOGS is trading at $0.001219 – down 19.78% in the last 24 hours.
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