A cryptocurrency trader has recently made headlines for earning over $1 million by swing trading the memecoin $POPCAT. This trader achieved a remarkable feat by executing eight strategic trades with a 100% win rate between August and October. According to data from Lookonchain, an on-chain analytics provider, the trader’s trades were timed perfectly, resulting in significant profits.
The trader’s journey began on August 20 when they purchased 1,579,413 $POPCAT tokens at an average price of $0.5245. They later sold these tokens at $0.7220, making a profit of $311,934. This initial trade set the tone for subsequent profitable trades, each carefully planned to maximize earnings.
One of the most lucrative trades took place between September 21 and September 25, during which the trader bought 1,544,687 $POPCAT tokens at $0.8969 and sold them at $1.0261, earning $199,663. Other trades, such as the one between September 10 and September 14, also yielded substantial gains. In this trade, the trader bought 1,202,931 tokens at $0.6235 and sold them at $0.7281, resulting in a profit of $125,801.
While some trades brought in smaller profits, every trade contributed to the trader’s overall success. Even a trade that earned just $2,813 from selling 491,682 tokens between September 25 and September 29 added to the impressive total. The final trade occurred from October 4 to October 7, where the trader purchased 1,240,156 tokens at $1.1343 and sold them at $1.2908, making $194,093.
In total, the trader’s strategic approach led to a profit of $1,050,440. This success highlights the potential profitability of swing trading in the volatile memecoin market, especially when executed with precision and timing.
Despite the trader’s success, $POPCAT recently experienced an 11.06% drop in price, with the coin trading at $1.24 at the time of writing. The market capitalization also decreased by 11.06% to $1.22 billion, while the trading volume saw a 3.24% decrease to $179 million in the last 24 hours.
In conclusion, this trader’s impressive earnings serve as a testament to the opportunities available in the cryptocurrency market for those who approach trading with diligence and strategy. As with any investment, caution and careful consideration are advised before making financial decisions in this volatile market.