© Archyde.com A trader of the popular meme currency Dogecoin made $1.1 million profit in 30 minutes
A cryptocurrency trader using Twitter’s “Tree of Alpha” posted a profit of over a million on Monday from Elon Musk’s latest rally.
“I made $1.1 million in 30 minutes on a total position size of $8 million,” Tree of Alpha said.
It started when he noticed Tree of Alpha, who refused to share his real name ; Someone on the Tree News Discord messaging platform posted that they saw Dogecoin as the Twitter logo. A minute later, popular crypto news Twitter account DB tweeted out the new Twitter logo ; This prompted Tree of Alpha to start buying . He bought $3 million worth of Dogecoin, followed by $2 million, and a final $3 million purchase.
He said his average bid price was around $0.0815 and he got out at around $0.095, resulting in a profit of over a million.
“This is actually my biggest trade of the year so far,” Tree of Alpha said. “Trading requires a lot of patience, but in the end ; You will come across quite a few trades that you need to master just like a doji. Everything else is preparation for those.”
Scaled The price of Dogecoin rose more than 27% on Monday after the Blue Bird logo on Twitter was changed to the popular meme of a dog. It is currently trading at around $0.093140 per CoinGecko.
Tree of Alpha exited its deals within 30 minutes as it was suspected of a possible joke in late April by Elon Musk, the owner of Twitter.
“Elon Musk could have tweeted something debunking like he did before,” Tree of Alpha said.
Tree of Alpha said it could “re-enter if Elon, or official Twitter accounts show up ;” And it says something very positive about it (the potential implementations).”
The merchant believes that Twitter can integrate doge as an acceptable payment method. “It’s a possibility, especially given how difficult it is for Musk to predict,” he said. “It would certainly be wise for everyone to keep notifications on relevant accounts for further developments on this matter.”
Tree of Alpha, who lives in Western Europe and started trading in 2017, said; Adding that he only started making profits after March 2019, once he started event trading and “stop drawing lines on the charts.”
He said: “My advice to a lot of people is to try to achieve profit asymmetry one way or another: enter trades that have a much higher chance of upside ; Or deals with more upside than downside.” “I do this by trading news and events.”
Crypto Horizon