According to blockchain analytics platform Lookonchain, a crypto trader made a remarkable profit of 6,008 SOL, worth approximately $1.25 million, in just 8 minutes by sniping BUZZ tokens. This profit highlights the exciting, yet risky, opportunities in the fast-moving crypto world.
Trader Nets $1.25M in 8 Minutes
Lookonchain brought this impressive trade to light, showcasing that the trader spent 82 SOL, valued at $17,000, to purchase 268.12 million BUZZ tokens. This amounted to 26.8% of the total token supply.
However, to secure a first-mover advantage, the trader paid a transaction fee of 49 $SOL, ensuring they were one of the first to purchase the tokens.
Once the BUZZ tokens were acquired, the trader acted fast. In just 8 minutes, they sold all their holdings for 6,090 SOL, equivalent to $1.26 million. After eliminating the initial investment and transaction fees, the trader earned a profit of $1.25 million.
Role of Sniping in Crypto Trading
Sniping in crypto refers to quickly buying tokens ahead of others, hoping to sell at a higher price shortly after. While highly rewarding, it is a risky strategy that demands expertise and precise timing.
Such trades underscore the evolving nature of the crypto market, where timing and strategy can lead to extraordinary gains.
Source: https://coinpedia.org/news/trader-made-1-25-million-in-8-minutes-by-sniping-buzz-tokens/