Crypto Trader Makes $6.7 Million In 3 Hours
There’s been a lot of buzz on social media about a crypto trader who managed to make over $6 million in profit on the Ethereum blockchain. This incredible trade took place in less than a day and resulted in an almost 600% gain for the trader.
According to Lookonchain, a data tracker, this massive profit was made off a highly anticipated launch of a project called Satoshi VM. This project is a Layer 2 network for the Bitcoin blockchain and garnered attention from influential figures in the crypto space.
One particular wallet took advantage of this hype by paying a premium fee to snipe the launch. By paying this fee, the trader was able to acquire 2.61 SAVM tokens for 277.66 ETH (approximately $700,000). Little did they know, this move would turn out to be extremely profitable.
In just three hours, the value of the trader’s SAVM tokens skyrocketed to over $6.7 million, resulting in a profit of more than $6 million. The trader then sold 2.16 million SAVM tokens for $4.38 million initially, making a profit of $3.6 million from this transaction.
At present, the trader has sold off all their SAVM holdings, making a profit of over $6 million in less than one day.
Ethereum-Based SAVM Makes A Splash
The launch of the Satoshi VM (SAVM) token has taken the crypto community by surprise as it quickly rose from its initial price. This can be attributed to influential figures like MacnBTC and Crypto Kaduna promoting the coin on social media.
With over 47,000 participants registering for the initial token sale, only a small percentage were able to get in. However, those who did saw significant gains as influencers continued to push the coin. The market cap of SAVM surpassed $100 million within hours.
At its peak, the Ethereum-based token reached $14.8 with a market cap above $150 million. This meant that early investors saw returns of over 250x on their investment. However, the price has since retraced to $11.6, resulting in a market cap of $120 million at the time of writing.
Hot Take: Crypto Trader Strikes Gold with SAVM Token
In an impressive display of trading prowess, one crypto trader managed to turn a $700,000 investment into over $6 million in just three hours. By strategically sniping the launch of the Satoshi VM (SAVM) token and taking advantage of its rapid price increase, this trader demonstrated the potential for massive profits in the crypto market.
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