Dogecoin: Crypto Trader Makes $1 Million Profit in 30 Minutes
An anonymous crypto trader allegedly bet big on Dogecoin (DOGE) and made a significant profit when Twitter changed its logo and the altcoin surged.
On Monday, a crypto trader with the Twitter handle “Tree of Alpha” reportedly made a profit of more than $1 million from the recent Dogecoin rally influenced by Elon Musk.
1/ Yesterday's Doge trade: On reacting, Sizing, and being degenerate when you need to be.
The essence of News Trading isn't speed, it is knowing when to size up.
I all started when someone in the Tree News Discord posted that they were seeing the Doge icon as the Twitter logo. pic.twitter.com/483AnBWMUk
— Tree of Alpha (@Tree_of_Alpha) April 4, 2023
The trader, who chose to remain anonymous, shared that he made this profit in just 30 minutes with an $8 million total position size.
Tree of Alpha noticed the Dogecoin icon as the Twitter logo posted by someone in the Tree News Discord messaging platform, prompting him to start buying Dogecoin.
He bought $3 million worth of Dogecoin, followed by $2 million and a final buy worth $3 million, with an average buying price of $0.0815, and exited at around $0.095.
Tree of Alpha exited his Dogecoin trades within 30 minutes due to the possibility of a late April Fool’s joke by Elon Musk, the owner of Twitter.
The trader believes that Twitter could integrate Dogecoin as an acceptable payment method, and it would be wise to keep notifications on relevant accounts for more developments.