The crypto market is slowly returning to its full potential, where crypto trading is all about new gains and profits. In the last few days, the bulls have taken over the market. Even the user’s sentiments have turned greedy, explaining the increased trades and overall market bullishness. As a result, many crypto investors have made heavy profits, including this one who turned his $1.2M into $9.36M thanks to the market’s bullishness and PENDLE token price surge.
It came after Bitcoin hit a new ATH at $89K and is still aiming for more. As a result, many analysts have anticipated it to surge to $100K or even higher before the year’s end. With this, Bitcoin has surpassed Silver, becoming the eighth biggest asset. Thanks to this, the crypto market is flourishing with gains.
Crypto Investor Made 6.8x Profit In PENDLE Token
Seeing the global crypto market rising to $3T, it is clear that the crypto trading industry is flourishing in profit with gains. Just earlier, a crypto trader made $3M in just 1 hr thanks to this bullishness, and now another trader made 6.8X profits with the rising cryptos. Spotonchain, a popular analytics platform, revealed that a crypto investor made more than 6.8x profits on his investment, turning his $1.2M Into $9.36M. However, this was no one-minute gain, but it took almost a year, revealing why long-term holding pays off.
As per the Spotonchain X post, the crypto trader bought 1.595M $PENDLE between July 29 and November 11, 2023. At that time, he spent $1.2M or $0.752 per token, but the same has grown to $8.16M after the PENDLE token price has surged 400% over one year. This revelation came after the crypto investor sold 1.295M $PENDLE for $7.61M a few hours ago. With that, he has gained $7.16M and is holding another 300K $PENDLE, which is worth $1.7M, bringing the total to $9.36M. Overall, he has made a 680% profit on this investment, bagging $8.16M in profits.
A whale with an $8.16M profit (6.8x return) sold 1.295M $PENDLE for $7.61M in the last 9 hours!
From July 29 to Nov 11, 2023, the whale bought 1.595M $PENDLE using only $1.2M at $0.752.
Now, the whale has 300K $PENDLE ($1.75M) left, with an est. total profit of $8.16M (+680%).… pic.twitter.com/1itY6S09Cu
— Spot On Chain (@spotonchain) November 12, 2024
However, his profitable journey does not end here. On analyzing the trader’s wallet holding, it is seen that the crypto trader holds many other cryptos, making him $7.676M in unrealized profits.
How PENDLE Token is Performing Today?
PENDLE is one of the most popular cryptos in the market, with $945.88M in market capitalization. The token has also followed the market’s bullishness, as the price is up by 5.5% in the last 24 hours and 40% over the week. With this, the PENDLE token is now valued at $5.78, positioning itself at a three-month high. However, despite that, it is still 23% away from the ATH of $7.52, set seven months ago, but there is a chance of reducing this distance as traders are quite active in crypto trading ever since Donald Trump’s win in the US elections.
Moreover, the technical analysis indicates strong buying pressure on the PENDLE token, which could influence its further gains. In this, the RSI is in the neutral zone at 63.249, which indicates the continuation of the ongoing uptrend.
However, the CCI and Stochastic RSI Fast indicate the token’s overbuying, which could result in a temporary consolidation. Now, the eyes are on the next resistance at 6.219, and if the token surpasses that, the uptrend is likely to continue.
What To Understand From This Trading Experience?
The crypto market carries immense potential and is moving to its best-performing days, a.k.a Bull Run. The Bitcoin price has surpassed the user’s expectations and is attempting the $100K rally. Meanwhile, many altcoins are following the same, rising to new highs and bagging heavy gains, in which a crypto trader made $9.3M in PENDLE token. However, the market also has its challenges, which could turn the trends or put a hold on the ongoing rally. So, crypto investors should run their own technical analysis and understand market trends before investing in a cryptocurrency. More importantly, there are various crypto trading strategies that an investor should follow, like this trader did, where he HODL the cryptos for a long time before selling at a high.
The post Here’s How a Crypto Investor Turns $1.2M Into $9.36M After PENDLE Token Surge 400% appeared first on CoinGape.
