A savvy trader made a significant profit of $15.62 million by trading Mog （MOG） and Pepe （PEPE） tokens amidst a bearish market.
Points
- The trader’s profit of $15.62 million from MOG and PEPE trades.
- Market conditions and selling pressure.
- Technical analysis of PEPE.
- The trader’s strategy and holdings.
In the current bearish market, where top assets like Bitcoin （BTC） and Ethereum （ETH） have crashed by 6% and 7%, respectively, a smart trader managed to make a notable profit of $15.62 million by trading Mog （MOG） and Pepe （PEPE） tokens. On-chain analytic firm Lookonchain shared the details of this impressive trading feat.
Smart Trader Made $15.62 Million in Profit
Despite the heavy selling pressure, this trader successfully navigated the market, purchasing 7.1 trillion MOG tokens worth $262,500 in 2023. Recently, the trader sold 786 billion MOG tokens for $1.29 million between May and August 2024, making a remarkable profit of $11.22 million. Additionally, the trader holds 420.42 billion PEPE tokens and 6.3 trillion MOG tokens in a new wallet.
https://x.com/lookonchain/status/1819064079363019094
PEPE is currently near a strong support level of $0.000010. If it fails to sustain this crucial level, it could experience a price drop of 10%. Based on historical data and price momentum, since February 2024, PEPE has consistently moved above the 200 Exponential Moving Average （EMA）. However, it is now near its 200 EMA, indicating a high chance of either stabilizing at this level or experiencing a price reversal in the coming days.
###解説
- The trader’s significant profit highlights the potential for substantial gains even in a bearish market. By strategically buying and selling MOG and PEPE tokens, the trader capitalized on market volatility and price movements.
- Understanding technical analysis and key support levels is crucial for successful trading. The trader’s ability to identify and act on these indicators contributed to their impressive profit.
- The holding of significant amounts of PEPE and MOG tokens in a new wallet suggests a long-term strategy, indicating confidence in the future potential of these tokens. Traders should consider both short-term and long-term strategies to maximize their gains in the volatile crypto market.