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Trader With Huge Gains in The Crypto Market Sets His Sight on This Altcoin

Trader With Huge Gains in The Crypto Market Sets His Sight on This Altcoin

A trader who made over $7 million has set his sights on a new altcoin, which was one of the biggest gainers last week.

According to new data from blockchain-tracking firm Lookonchain, an investor in the cryptocurrency market has recently shown interest in the layer-2 scaling solution Arbitrum (ARB) by investing $2.24 million, equivalent to 1,057 ETH, which has caught the attention of the market.

This investor started their journey last July by purchasing Polygon (MATIC) for $0.50 and has been successful in their trading strategy. They have a win rate of 65%, leading to profits of over $7.3 million, which makes them a smart whale worth keeping an eye on, according to Lookonchain.

The on-chain data also reveals the investor’s successful trades with other tokens like MAGIC, LDO, and TRU.

READ MORE: Cardano’s ADA on the Rise: Experts Predict Bullish Rally to $1

The investor bought a total of 15.73 million MATIC at an average price of $0.64 and sold them for an average price of $0.84, making over $3 million in the process. They also purchased 2.91 million MAGIC at an average price of $0.74 a few months ago. If sold at current prices, they would profit $2.12 million.

Other successful trades made by the investor in 2023 include 1.09 million LDO bought from Binance at $1.20 and later sold for $2.20, generating a profit of $1.09 million, and 23.5 million TRU bought from Binance at an average price of $0.07 and later sold for $0.10, generating a profit of approximately $643,000.

Currently, ARB is trading at $1.70, indicating a 19% increase in the past 24 hours. This investor’s interest in ARB has certainly caught the market’s attention, and their successful trading history is worth monitoring.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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