Known for his support of Dogecoin, Elon Musk on Monday replaced Twitetr's blue bird symbol with the DOGE symbol, causing a pump in the DOGE price.
Investors who turned this pump into an opportunity made huge profits.
One of them was a cryptocurrency investor who used the name "Tree of Alpha" on Twitter, who did not share his real name.
Speaking to The Block, Tree of Alpha said on Monday it made over $1 million in profits from the Dogecoin rally sparked by Elon Musk.
“I earned $1.1 million in 30 minutes on my total $8 million Dogecoin position.
When I saw that Twitter's icon was Dogecoin, I started buying DOGE.
I bought DOGE in three parts, $3 million, $2 million, and $3 million.
My average purchase price was around $0.0815, and I sold at $0.095, making a profit of over a million dollars.
This was actually my biggest trade of the year by far.
Trading requires a lot of patience. But in the end, you'll end up with a handful of trades like DOGE where you'll definitely be successful."
Dogecoin gained over 30% after Twitter put the Dogecoin icon. DOGE is trading at $0.8914 at the time of writing.
*Not investment advice.