In the crypto world, time is of the essence. According to a recent tweet from Lookonchain, a trader nicknamed “SmartMoney” has made a fortune.
SmartMoney allegedly made quick profits of more than $50,000 in less than 20 minutes by buying and selling tokens immediately after listing on Binance Innovation Zone.
#Lookonchain Revealing where Crypto Trade’s quick $50,000 profit came from $LQTY and $sync Token @azcoinnews https://t.co/wG1DSa2EdW
— Kyptos (@azcoinnews) February 28, 2023
According to a tweet from Lookonchain, SmartMoney purchased 105,384 LQTY for 180,000 USDC within seconds of the Binance announcement. After LQTY was listed on Binance Innovation Zone, SmartMoney immediately sold all LQTY and collected 199,485 USDC, making a profit of 19,485 USDC.
But things don’t stop there. SmartMoney also bought 110,482 SYN for 150,000 USDC within seconds of Binance’s Feb. 22 announcement, Lookonchain wrote. SYN is a synthetic asset that tracks the price of popular cryptocurrencies like Bitcoin and Ethereum. SmartMoney sold SYN at a price of 185,610 USDC after the price rose, making a profit of 35,610 USDC.
The impressive feat highlights the potential profits that can be made by trading cryptocurrencies, but also raises some concerns about the fairness of the system. Some might argue that traders like SmartMoney have an unfair advantage over regular investors who don’t have the same access or level of knowledge.
However, it is important to note that trading cryptocurrencies is inherently risky and profits are not guaranteed. SmartMoney’s success can also be attributed to skill and experience, as well as a little bit of luck.
Regardless, the news is sure to get the attention of other traders and investors, and may inspire others to try their luck at cryptocurrency trading. As always, it is important that you do your own research and exercise caution before investing in any cryptocurrency.
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according to Kyptos