The crypto market is known for its high-profit opportunities. However, it also has limitations, such as volatility, which often leads to an immediate trend reversal, changing the entire trajectory of crypto trading. If a token is heading towards gains, such immediate changes could bring it down and vice versa. The same happened with this crypto trader, as he faced heavy losses at one point while the other earned millions from the same trade.
Making such high gains is nothing new to the market, as recently, a trader turned $378K into $35.2M. However, there are certain risks associated with trading that investors should not ignore.
Legendary Win of Crypto Trader, Making $5.95M
As volatility plays a role in the token’s performance, it becomes more than necessary to implement the right crypto trading strategies. Interestingly, this crypto trader has some, which made him achieve $5.95M despite hitting almost zero in the same trade before.
As per the Lookonchain post, this happened when the crypto investor spent 115 SOL, equivalent to $19.4k, to buy 20.51M BULLY tokens. However, to his shock, the highly profiting crypto trading opportunity became a disaster as the BULLY price dropped more than 90%. This confirms the effect of volatility on a particular token, but the investor did not back out. Instead, he kept holding and bought another 19.93M BULLY after spending 16 SOL ($3.2k) on November 18.
From almost hitting zero to $5.95M—what a legend!
A month ago, he spent 115 $SOL($19.4K) to buy 20.51M $BULLY, only to watch it drop by 90%.
But he didn’t sell.
Instead, on November 18, he spent another 16 $SOL($3.2K) to buy 19.93M $BULLY.
Today, as $BULLY broke through a… pic.twitter.com/zyV3jVKlEu
— Lookonchain (@lookonchain) November 22, 2024
Eventually, he attempted to benefit even in this loss, and that is what happened, as the BULLY price pumped heavily on November 22, hitting a market capitalization of $140M. More importantly, the crypto trader’s token holding turned into $5.95M.
Dolos The Bully (BULLY) Price Continues To Rise
Despite facing a 90% fall, the token has recovered, impressing its holders. As per DEXSCREENER, BULLY price has surged almost 13% in the last 24 hours, currently at $0.1685. Additionally, it has achieved a market capitalization of $163.6M and a trading volume of $41.9M. With that, the crypto trader’s holding must have grown to $6.8M if he still holds all those tokens, making his crypto trading experience even better.
However, BULLY is not the only bullish token today. Bitcoin price is about to hit $100k, currently at $98.6K, but many other popular cryptos like Solana have attained ATH, confirming the bull’s dominance in the crypto market.
Crypto Investor’s Strategies To Achieve $5.92M in Profits
To many, this might seem like a simple trade as the crypto investor made heavy gains. However, there are always some crypto trading strategies that back up such profits in the market. In the case of this trader, he mainly followed three simple yet affecting strategies, which lifted him from zero to $5.92M in profits.
The first strategy is analyzing the trends and finding the right crypto to invest in. With the right technical indicators and market trends, the investor must have chosen the BULLY token. More importantly, he invested low or what he could afford to lose, around $22.6K, and made $5.92M with that.
Last but not least, he avoided panic selling, a term used to describe selling at low, in fear of losing more. Here, despite the 90% drop in the token, the crypto trader did not panic and HODL the tokens until the price did not grow again. However, some other investor lost $454K in 40 mins in panic selling, making the biggest trading mistake.
The post How This Crypto Trader Turned $0 to $5.95 Million? appeared first on CoinGape.
