The post Crypto trader makes $8.3 million in 20 minutes appeared on BitcoinEthereumNews.com.

Cryptocurrencies have brought about one of the biggest paradigm shifts in finance in recent memory.  While they carry the potential to turn the tide in favor of decentralization and transparency, practical use cases are still in their infancy. On the other hand, digital assets have seen widespread adoption in the form of speculative investments. Once the domain of the particularly internet-savvy, they are now widely available and enjoy strong mainstream appeal. As this nascent industry matures, the rough edges are being smoothed out. While cryptocurrencies are still very volatile, they’ve slowly begun to stabilize — whether through a stronger correlation with the performance of traditional assets, the advent of stablecoins, or institutional involvement.  The big payouts from trades that net savvy investors life-altering wealth are a rarer sight nowadays — but they do still occur, although primarily in the domain of meme coins. In one such instance, a wily trader made a $8.36 million profit in the span of just 20 minutes on December 17 — let’s take a closer look at exactly what happened. This PENGU trade was perfectly timed — but risky Roughly two hours before the time of publication, this trader spent a grand total of 23,742 Solana (SOL), worth approximately $5.36 million at the time, to execute 8 transactions in which they purchased 239.6 million Pudgy Penguins (PENGU), according to data retrieved by Finbold from Solscan. The trader’s initial purchases of PENGU. Source: Solscan This PENGU stake was then sold for 60,726 SOL worth $13.72 million after a 780.62% 1-day price surge — bringing the total profit of the trade to $8.36 million. Beyond the short duration of the trade, there are a couple of interesting factors to note. For one, someone has stepped forward to claim the trade as their own — pseudonymous X user…

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Filed under: News - @ December 17, 2024 5:27 pm