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Trader earns $3 million profit in 5 hours by sniping CAT token at launch.
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Sniping involves buying tokens early, capturing the best price before others.
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318.87 billion CAT tokens bought for $1.46 million, sold for $4.45 million.
The revival of crypto markets and the launch of numerous new cryptocurrency projects have provided daring investors with many chances to make millions in just a few hours, sometimes from just a few hundred or thousand dollars.
This kind of achievement was recently highlighted by the blockchain analytics platform Lookonchain, which tracked a trade where a savvy trader made $3 million in profit within just 5 hours by sniping the CAT token.
$3 Million Profits in a Short Time
As per Lookonchain’s analysis, the trader spent 2,500 BNB, which is about $1.46 million, to buy 318.87 billion CAT tokens. The purchase was perfectly timed to occur in the same transaction when liquidity for CAT was first added.
A sniper made $3M in just 5 hours by sniping $CAT!
This guy spent 2,500 $BNB($1.46M) to buy 318.87B $CAT at the same tx where the liquidity was added.
Then he sold all 318.87B $CAT for ~7,639 $BNB($4.45M), making 5,139 $BNB($3M).https://t.co/faH6Onvkqw pic.twitter.com/lpvogBYQSa
— Lookonchain (@lookonchain) August 23, 2024
Sniping involves quickly buying a large number of tokens when they are first available at a low price, taking advantage of the best possible price before others have the chance to buy.
Shortly after acquiring the CAT tokens, the trader sold all 318.87 billion of them for approximately 7,639 BNB, or around $4.45 million. This quick trade resulted in a profit of 5,139 BNB, roughly $3 million. The entire process, from buying to selling, happened within just 5 hours, showcasing the trader’s sharp timing and rapid decision-making.
Risks & Rewards of Sniping
While sniping can lead to fast profits, it also carries significant risks. Traders need to act quickly and understand market dynamics well to avoid potential losses. In this case, the trader’s timely actions and sharp instincts paid off, turning a substantial initial investment into a multi-million dollar windfall in mere hours.
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