A Trader Made 420 Percent Profit in Controversial Altcoin Within Hours: Here Is The Method He Used

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.

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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.

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