From Rags to Riches: How an Average Trader Became a Crypto Whale in Just 5 Months
On-chain analyst and whale tracker Nova has spotted a profitable average trader that became a whale within five months. The said wallet 0x*************121F760e, who has “nailed” every trade since January, has a record of more than 10,000% realized profit.
Nova noted that the whale’s success stemmed from good trading strategies, not luck, as they had properly managed every win and loss.
From Average Trader to Whale
According to Nova’s Twitter thread, the anonymous trader stands out from others because their profits are realized. Calling the trader a “real alpha,” the crypto analyst lauded them for attaining the position through their performance and not other sources of revenue, just like most whales.
“There are plenty of whales in the market, but not all of them are necessarily good traders. A rich person can fill his crypto portfolio, revealing a huge balance but still be a terrible trader. People would be expecting alpha but getting shit instead. Whale 0x743 is nothing like that. Even more crazy is that he started just like us this year,” Nova said.
A deeper analysis of the activities of whale 0x743 shows that they do not hold any bags or make crazy purchases. Nova said the trader exhibited “discipline and good trade behavior” by moving on from their losses and not riding them “all the way down to oblivion.”
A Perfectly Managed Portfolio?
The current portfolio of whale 0x743 is worth about $578,345, relatively smaller than a few days back, with most of the assets being moon bags from their previous trades. This is because the whale takes profit from the wallet and fills it back when they make new trades.
Nova found that within four days, the whale realized over $400,000 in profit from $35,000 worth of RefundCoin (RFD) purchased over the weekend. Last month, they also made hundreds of thousands of dollars from $10,000 worth of Wojak (WOJAK).
During the Pepe memecoin mania, whale 0x743 made a couple of six-figure profit moves from $8,000 worth of PEPE after nearly selling the top. Through the strategy of HODLing no bags, the whale had a 3,000% return on investment for the memecoin.
Meanwhile, the trader has never lost more than a few thousand dollars. Their biggest has been $12,000 lost to a Ribbit (RIBBIT) trade.
It’s worth noting that dealing with memecoins could turn out to be a rather unprofitable strategy as well for some, just like this example.
The post From Rags to Riches: How an Average Trader Became a Crypto Whale in Just 5 Months appeared first on CryptoPotato.
Filed under: Bitcoin - @ May 27, 2023 3:23 pm