A savvy crypto trader has recently demonstrated remarkable success through a series of well-timed trades in the meme coin market.
Following the change of the Ton Blockchain logo to the REDO logo on X, the price of the meme coin REDO experienced a notable surge, increasing by approximately 200%. Seizing this opportunity, the trader sold 881,000 REDO tokens, generating a profit of 107,275 TON, equivalent to 12 times their initial investment.
After the logo of @ton_blockchain changed to @redotoken, the price of #MEMEcoin $REDO surged ~200%!
A trader sold all 881K $REDO for a profit of 107,275 $SOL($606K), a 12x return!
This trader also made 5,207 $TON($29.4K, 35x return) on $TINU and 3,118 $TON($17.6K, 62x return)… pic.twitter.com/rW6acclx8k
— Lookonchain (@lookonchain) August 26, 2024
The trader’s success did not stop there, as they also secured 5,207 TON in profits from TINU, achieving a 35-fold return, and 3,118 TON from PLANE, representing a 62-fold return.
These trades were part of a broader strategy that involved trading 11 different meme coins. The overall investment totaled 13,207 TON, leading to a cumulative return of 128,593 TON and a total profit of 115,387 TON, reflecting a return on investment (ROI) of 874%.
Despite the trader’s success, it’s important to note that the win rate stood at 54.5%, indicating that not all trades were profitable.
Analysis of Token Performance
REDO emerged as the standout performer, contributing the largest portion of the trader’s profits. With an investment of 8,801 TON, REDO returned 116,076 TON, yielding an impressive ROI of 1219%.
Similarly, TINU and PLANE delivered significant returns, with ROIs of 3471% and 6237%, respectively. Other tokens, such as TONK and NOTNOT, also provided positive returns, albeit at lower percentages.
However, the trader’s strategy was not without its challenges. Tokens like DOODIE, Spotty, REGI, sTONks, and BUFFY underperformed, leading to losses. DOODIE and Spotty, for instance, both recorded negative ROIs of -39%, while sTONks and BUFFY experienced even steeper declines, with losses of -64% and -83%, respectively.
Telegram CEO’s Detention Sparks Outrage
In related news, the crypto community has rallied around Telegram CEO and co-founder Pavel Durov, following his recent detention by French authorities. Telegram expressed strong disapproval, labeling the arrest as unjustified, particularly given the platform’s compliance with European regulatory guidelines.
The arrest occurred at Le Bourget airport, with French authorities citing various charges, including fraud and facilitating terrorism. Despite the serious nature of the allegations, Telegram maintains that Durov has been transparent in his activities across Europe and seeks a swift resolution to the situation.
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