A recently launched altcoin DOGS allowed a crypto whale to gain more than 400% profit in a short period.
Launch of the New DOGS 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.
Crypto Whale's Transaction Analysis
According to Lookonchain data, the DOGS token was already trading on decentralized exchanges a few hours before it was listed on centralized exchanges. The price on decentralized exchanges dropped to $0.00013. This crypto whale spent $18,400 worth of TON 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.
Risks of Investing in Altcoins
However, many of the altcoins listed on decentralized exchanges can never be listed on centralized exchanges, causing investors to suffer losses.
The case of the crypto whale earning a 420% profit on DOGS highlights both the opportunities and risks of investing in a new altcoin.
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