In a significant example of precise high-stakes trading in the crypto market, an Ethereum whale has carried out a lucrative snipe on the $CULT coin. As per Lookonchain, the whale obtained a net profit of up to $1M in a short period from $CULT sniping, highlighting the surging sophistication by the traders in the DeFi sector.
Someone used 500 $ETH($1.99M) to snipe 467.64M $CULT and currently has a profit of ~$1M.
The sniper used 100 $ETH($398K) as a bribe fee and successfully became the first one to buy $CULT!
So far, he has sold 267.64M $CULT for 432 $ETH($1.72M), leaving 200M $CULT($1.32M).… pic.twitter.com/n7wbkKaRSg
— Lookonchain (@lookonchain) December 9, 2024
Ethereum Whale Snipes on $CULT to Pocket $1M with 500 $ETH
Lookonchain mentioned that the whale’s journey to successfully snipe $CULT for $1M in profit started with 500 $ETH. The whale deployed these $ETH tokens, with a value of up to $1.99M, to get 467.64M $CULT coins. A key aspect of this maneuver’s success was the utilization of a substantial 100 $ETH (equaling $398,000) as a bribe fee. This ensured the priority of their transfer in execution before the others. The respective strategic development permitted the trader to dominate status in the case of $CULT.
After the accumulation, the above-mentioned wale started offloading portions of the token holdings. In this respect, the whale leveraged the favorable price developments. Hence, they offloaded 267.64M $CULT coins for 432 $ETH (accounting for $1.72M). This partial offloading locked in enormous profits and left the whale with 200M $CULT coins. These tokens currently have a value of $1.32M.
The Incident Highlights the Precise Decision Making and High-Stakes Trading
This trade emphasizes high-stakes trading as well as decision-making. In this case, meticulous planning is used to mitigate the huge risk of dropping a massive capital amount. In addition to this, there is a requirement for deep knowledge of the overall market dynamics. With the payment of the bribe fee, the respective whale effectively secured a dominant status in $CULT before likely price inflation due to other buyers. According to Lookonchain, this $CULT snipe offers a reminder of the unpredictable and dynamic nature of the crypto sector.
