The cryptocurrency world is buzzing after a sharp-eyed trader managed to pocket a stunning 400% return on the DOGS token, all thanks to some timely moves before its recent listing on major centralized exchanges (CEXs). This explosive profit, coupled with a dramatic spike in open interest, has thrown DOGS into the spotlight as one of the most talked-about tokens in the market.
DOGS Token: A Golden Opportunity Seized
On August 27, 2024, the tap-to-earn DOGS token made headlines as it got listed on prominent exchanges including Binance, HTX, ByBit, and OKX. But the real story began before the token hit these platforms. A trader, armed with insight and strategy, purchased a whopping 55.9 million DOGS tokens at a rock-bottom price of $0.00013. This acquisition was made using 3,271 Toncoin (TON), equivalent to $18,400 at the time, on decentralized exchanges (DEXs).
As soon as DOGS was listed on the CEXs, its value skyrocketed. The trader sold 20 million DOGS for $34,600 and transferred the remaining 35.9 million tokens, now worth $61,000, to a CEX. This savvy maneuver resulted in a total profit of $77,300, translating to a 420% return on investment. This kind of return is a dream for any trader, showing the power of strategic foresight in the volatile crypto market.
A smart trader has made over 400% profit by trading $DOGS!
— Lookonchain (@lookonchain) August 26, 2024
How did he do it? 👇$DOGS was already available for trading on #DEX a few hours before listed on #CEX, with the price as low as $0.00013.
The smart trader spent 3,271 $TON($18.4K) to buy 55.9M $DOGS, sold 20M $DOGS… pic.twitter.com/zqSxyEf0Xk
DOGS Token: Market Movement and Current Status
Despite the initial surge, DOGS has experienced some turbulence. As of now, the token is trading at approximately $0.00122, reflecting a sharp decline of over 23% in the last 24 hours. Even with this drop, DOGS has achieved a market cap of $640 million, signaling strong interest and activity around the token.
Open Interest in DOGS: A Sign of Things to Come?
What’s particularly intriguing is the surge in open interest for DOGS. According to CoinGlass, open interest in the token has soared by 35% in just the last 4 hours and an eye-popping 16,000% over the past 24 hours. This surge indicates that traders are heavily betting on the token’s future movements, whether they’re hoping for further gains or preparing for more volatility.
However, with increased interest comes the potential for heightened selling pressure. Many early investors who bought in before the CEX listing are starting to offload their holdings, which could lead to more price swings in the coming days.
The Bigger Picture: DOGS and the TON Blockchain
The DOGS token is more than just a fleeting trend. Built on the TON blockchain, DOGS has captured the attention of over 8 million users who have claimed their airdrops following the CEX listing. The project’s Telegram channel also boasts over 16 million active users, showcasing a robust community that could drive the token’s long-term success.
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As more traders and investors turn their attention to DOGS, the token’s journey is far from over. Whether it continues to climb or faces further corrections, DOGS is undoubtedly a token to watch in the ever-evolving crypto landscape. The massive profit reaped by a smart trader is a testament to the opportunities—and risks—that come with crypto trading.
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