Cryptocurrency

2024

Uniswap

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 <p class="paragraph">Speculating on low-liquidity cryptocurrencies is risky but sometimes rewarding. A crypto trader recently beat the risk of ruin, turning $3,000 to more than $651,000 in 19 hours.</p>
 <p class="paragraph"><em>Lookonchain</em> reported this successful trading story on X (formerly Twitter) on January 25 at 06:25 am (UTC). At that time, the trader held 314.9 trillion SNOW worth around $535,000.</p>
 <p class="paragraph">Notably, the address ‘0xf8a…F8683’ started with a purchase of 386.94 trillion SNOW for 1.31 ETH, worth $2,931. First, he sold 72 trillion tokens for 53.4 ETH, worth $119,000. Thus, realizing a profit of 52.09 ETH ($116,000).</p>
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    <p lang="en" dir="ltr">In just 19 <a rel="noopener noreferrer nofollow" title="hours" href="https://thebittimes.com/tag/hours.html">hours</a>, this <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>r made $651K with less than $3K on $SNOW, a gain of 220x!<br><br>He spent 1.31 $ETH($2,931) to buy 386.94T $SNOW(43.5% of the total supply) and sold 72T $SNOW for 53.4 $ETH($119K), realizing a profit of 52.09 $ETH($116K).<br><br>He currently holds 314.9T… pic.twitter.com/hh8ORItZFB</p>— Lookonchain (@lookonchain) January 25, 2024
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 <p class="paragraph">Since then, the <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>r has sold more SNOW while adding liquidity to Uniswap’s (UNI) pool. He currently holds 252.2 trillion liquid tokens, ready to dump at any moment.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="430" src="https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp" alt class="wp-image-151195" srcset="https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp 1024w, https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp 300w, https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp 768w, https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp 1536w, https://cdn.thebittimes.com/images/2024/01/25/6cd64ca9894b2f17e80d6525484cfe05.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
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   0xf8ace09831404A965d8DEB176f234e3Ffb9F8683 $SNOW transaction history. Source: <em>Etherscan</em>
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 <h2 class="wp-block-heading" id="h-snowman-snow-analysis-on-uniswap">Snowman (SNOW) analysis on Uniswap</h2>
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 <p class="paragraph">Snowman (SNOW) is a low-liquidity and low-cap ERC-20 token only <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>d on Uniswap. In particular, no token information is available on the decentralized exchange, suggesting a purely speculative memecoin. It exists under the smart contract ‘0xD1f…a557f’.</p>
 <p class="paragraph">Additionally, the token has a TVL of $374,100 in its liquidity pools, making over $4.7 million 24-hour volume. Its circulating supply is 888.888 trillion SNOW, and the price is sub $0.00000001.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="685" src="https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp" alt class="wp-image-151198" srcset="https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp 1024w, https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp 300w, https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp 768w, https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp 1536w, https://cdn.thebittimes.com/images/2024/01/25/4335f9c61b85d180501e4ca053864544.webp 1698w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Snowman (SNOW) daily chart and data. Source: <em>Uniswap</em>
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 <p class="paragraph">Interestingly, the trader’s first purchase was equivalent to 43.5% of the circulating supply. Meanwhile, the address’s current balance equals 28.3% of all Snowman tokens, more than the available liquidity.</p>
 <p class="paragraph">This <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a> could have been a lucky strike, a successful operation by a smart <a rel="noopener noreferrer nofollow" title="trade" href="https://thebittimes.com/tag/trade.html">trade</a>r, or even an internal job. Still, it illustrates the high volatility of low-liquidity tokens – this time favoring the speculators.</p>
 <p class="paragraph">Nevertheless, these trades often do not have a happy ending. Speculators might find it difficult to realize any meaningful profit in a low-liquidity environment, while volatility could quickly shift, resulting in massive losses and an investor’s ruin.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/how-this-crypto-trader-turned-3k-to-650k-in-19-hours-tbt77722.html">https://thebittimes.com/how-this-crypto-trader-turned-3k-to-650k-in-19-hours-tbt77722.html</a></p>

How this crypto trader turned $3k to $650k in 19 hours

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