A team member of the Asian crypto news platform BWE has made a fortune from monitoring new digital asset listings on Binance.
According to on-chain analytics firm Lookonchain, the trader raked in $3 million in an hour by monitoring Binance’s new listings. This emerged as the ongoing bull run gained momentum, sparking several big-money gains in the market and attracting the attention of retail investors.
Notably, listings on centralized exchanges are highly sought after by crypto traders, who aim to secure favorable entry positions. During a bull market, the prices of newly listed tokens often see rapid gains due to heightened market participation and the frenzy surrounding community interest.
Binance, the largest exchange by volume globally, and Coinbase, the leading exchange in the U.S., have their listings closed and monitored.
A Transaction That Shocked The Ecosystem
The trader made swift moves when the ACT token was listed on Binance, with several users praising the speed of the trade. Upon the listing of ACT, the trader spent 1,558 SOL, worth approximately $318,000, to acquire the tokens.
Remarkably, the 10.9 million ACT tokens purchased soon appreciated in value, growing to a worth of $3.4 million—a transaction that has been widely celebrated. This success adds another crypto millionaire to the list of those benefiting from the market’s positive momentum.
Inside Trading?
After Lookonchain shared details about the trader’s $3 million windfall, BWE News confirmed that the trader in question was part of their team. However, the firm clarified that the trade was executed 2.4 seconds after the listing went live, adding that they are not Binance insiders and dismissing any speculation about insider trading.
This address belongs to our team and we are not insider, the announcement was published at 1731303569462 and we entered the ACT trade 2.4 seconds later. source https://t.co/YxUfG5Rnn6
— 方程式新闻 BWEnews ⚡️🚀 (@bwenews) November 11, 2024
In a related development on October 25, another trader made $140,000 in less than 20 minutes. Following Binance’s announcement of the MOODENG perpetual contract, this trader bought 2.7 million tokens with 1,300 SOL, netting a huge profit in just minutes.
Bullish Outlook for Crypto Market
Many crypto traders believe the market rally will continue, especially with expectations of positive crypto regulation in the U.S. Additionally, rate cuts in various jurisdictions have driven capital toward riskier assets, benefiting meme coins and newly launched tokens rather than a scenario where funds flow out of the market.
As of the last 24 hours, the crypto market has reached a $2.7 trillion market cap, with Bitcoin trading above $82,000.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
