A crypto trader has made over $790,000 in profit after selling $DEGEN PERPS after Binance listed the token on November 15.
According to Blockchain analytics firm Lookonchain, the trader sold 6.43 million $Degen tokens for 70.78$ETH ($219,000), a trading activity that made him earn $790,000 out of the sale.
Between April 8 and May 10, 2024, the trader invested 934 $ETH ($3.42 million) to purchase 140.71 million $DEGEN tokens at an average price of $0.0243. As per the on-chain analytics platform, the trader held $DEGEN tokens for over six months and eventually sold them after the listing.
Insider trading or good luck
Crypto traders who would like to emulate this investor’s success story. However, others could be more cautious, thinking that it might be an insider trading job.
In the past, several major crypto exchanges experienced intense scrutiny over the alleged tipping of certain traders with insider trading information.
Early last year, former Coinbase product manager, Ishah Wahi, admitted having participated in an insider trading activity that led him to earn $1.1 million profit. Federal prosecutors termed the case as the initial insider trading case concerning crypto assets.
Binance has regularly clarified that it has a stringent policy against insider trading activity. In January 2023, Binance co-founder Patrick Hillman stated that the company doesn’t allow its staff to carry out personal short-term digital asset transactions. The executive further said the firm has an internal team that constantly monitors several platforms for potential staff trading activity.
Anyway, whoever did today’s extraordinary timed trade executed it using his public wallet, which is accessible on blockchain networks. If it’s not insider dealings, then some intelligent traders have a smart trading strategy that enables them to reap profits when others don’t see.
What’s driving the prevailing crypto markets’ rally?
$DEGEN PERPS is one of the new cryptocurrencies attracting users’ attention, promising potential growth. At the time of writing, the $DEGEN price rose by 46% to trade at $0.02981, according to CoinMarketCap. This bullish trajectory happened as a response to Binance’s token listing.Bitcoin’s reaching to ATH of $93,000 following US President Donald Trump’s backing contributed to bolstering the entire crypto markets. Even recently launched cryptocurrencies like $DEGEN are gaining new bullish price movements, and many reaching new all-time highs.
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