Crypto Trader Nets $2.44M Profit After TURBO Token Surges 10x
After several days of poor market performance, only a small group of crypto traders have managed to stay profitable. Currently, the cryptocurrency market remains in a neutral zone, with bulls and bears locked in a continuous struggle. Despite this, the broader market has negatively impacted the growth of many assets. However, one notable exception is a recent profitable trade, where an investor made $2.44 million by holding onto their crypto for over a year. This investor had bought into the increasingly popular TURBO token, which recently saw a significant price surge, leading to considerable gains for its holders.
Crypto Trader Nets $2.44M Amid Market Volatility
According to a post from Spotonchain, an AI-driven analytics platform, one crypto investor has demonstrated how patience and strategy in trading can pay off. This investor began accumulating TURBO tokens on May 5, 2023, and over the course of the year, they traded more than 897.57 million tokens. The average purchase price of these tokens was around $0.0004.
After holding the majority of their tokens for approximately 1.3 years, the investor finally sold 695 million TURBO tokens for $2.65 million on the OKX exchange. This trade marked a substantial profit for the trader, as they sold their tokens at a price of $0.003, over 10 times the original purchase price. Based on this calculation, the trader likely invested around $287,000 and exited with $2.44 million, achieving a 7.5x return on their investment over the year.
In total, the investor realized $1.1 million in profit from this trade. While the trader still holds approximately $142,827 worth of Ethereum and USDT, these holdings have suffered a 94% loss due to Ethereum’s recent price decline. Despite these setbacks, the investor’s overall PnL (Profit and Loss) stands at an impressive $2.575 million, with a return of +906.377%. Additionally, they have an unrealized PnL of $9,463.
TURBO Token Experiences Dip After Surge
The investor’s success came from a well-timed sale, capitalizing on TURBO’s 10x price spike. However, the token’s value has since declined, dropping 2.39% in the last 24 hours to its current price of $0.003716. Despite this dip, TURBO is still up 6% on the weekly charts.
TURBO has gained traction this year as a popular meme coin, especially due to its association with AI. This newfound interest has driven its demand, evidenced by the token’s surge to an all-time high of $0.00978 just three months ago. With the next bull run on the horizon, investors are eagerly watching to see how TURBO performs.
Conclusion
In a recent post shared by Spotonchain, a crypto trader made a significant profit by selling 695 million TURBO tokens for $2.65 million on the OKX exchange. The investor began accumulating these tokens in May 2023 and sold them after a 10x price increase, netting $1.1 million in profit. Despite some losses in other holdings, the trader has maintained a positive PnL of $2.575 million.
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