In a remarkable financial feat, a crypto trader recently turned an $18.4k investment in the DOGS meme coin into a staggering $77.3k profit. This comes amid high-profile exchange listings that have captured the attention of the cryptocurrency world, though the DOGS token’s price still saw a sharp decline.
Strategic Trading Yields Big Gains
The trader capitalized on the buzz surrounding DOGS, raking in more than 400% in profits through a series of well-timed trades across decentralized (DEX) and centralized exchanges (CEX). According to data from Lookonchain, the trader first purchased 55.9 million DOGS tokens with 3,271 TON—equivalent to about $18.4k.
As DOGS began trading on DEXs, the trader strategically sold 20 million tokens for 6,150 TON, bringing in $34.6k. The remaining 35.9 million tokens were deposited on centralized exchanges, where the trader locked in additional gains as the token continued to rise following its listing. In total, the trader netted $77.3k, an astounding 420% return on investment.
Exchange Listings Drive Momentum
The surge in DOGS trading volume and price can be largely attributed to the token’s listing on major exchanges. On August 26, DOGS was added to high-profile platforms such as OKX, Gate.io, and Bybit, with Binance featuring the coin as the 57th protocol in its Launchpool.
Despite this momentum, DOGS experienced a sharp 30% price drop shortly after the listings. At press time, DOGS was trading at $0.001216, marking a slight recovery with a 3% uptick over the last few hours.
Behind the DOGS Craze
DOGS has emerged as a meme coin with utility in the TON ecosystem, where it plays a role in the burgeoning space of non-fungible tokens (NFTs). The growing excitement around the token is fueled by its association with Telegram’s ecosystem and the broader market’s enthusiasm for new exchange listings.
Reactions across the crypto community have been largely positive, with many speculating that the listing buzz and growing utility of DOGS could push the token’s price even higher in the coming days.
While the DOGS token remains highly volatile, its recent surge and the trader’s impressive gains highlight the potential for profits in the rapidly evolving world of digital assets. However, the sharp price fluctuations also serve as a reminder of the risks inherent in the cryptocurrency market.
As the crypto space continues to evolve, investors and traders alike are keeping a close eye on DOGS and its performance in the wake of these major developments.
Related topics:
BTC Transaction Fees Soar 120x Amidst Babylon Staking Frenzy
Russia Plans to Launch Two Crypto Exchanges and BRICS Stablecoin to Boost Foreign Economic Activity
Kamala Harris To Back Crypto Market Following DNC Policy’s Heavy Backlash
