According to data provided by Lookonchain, a crypto whale managed to make more than 400% profit on a recently launched altcoin.
DOGS, a Telegram-based memecoin, was launched today and the interest was so high that some outages were seen on the Toncoin (TON) network and disruptions in transactions on exchanges.
So how was this trader able to make so much profit on such a popular altcoin?
According to the data, the DOGS token was already trading on decentralized exchanges a few hours before it was listed on centralized exchanges. The token’s price on decentralized exchanges dropped to $0.00013.
According to Onchain data, this crypto whale spent $18,400 worth of TON on the decentralized exchange to buy 55.9 million DOGS tokens. He then sold 20 million of them for $34,600 on the decentralized exchange and transferred the remaining 35.9 million tokens to centralized exchanges for $61,000. In total, he made a profit of $77,300, or 420%, from these transactions.
However, many of the altcoins listed on decentralized exchanges can never be listed on centralized exchanges, causing investors to suffer losses.
*This is not investment advice.