According to on-chain analyst Lookonchain, one crafty trader executed an ingenious and highly profitable strategy around the SAVM token launch. By using a service called BananaGun and paying a hefty bribe fee of 141.66 ETH, the trader was able to be the first buyer of SAVM tokens right as the new coin opened for trading.
The bribe fee of over $200,000 successfully put this trader at the front of the line, allowing the purchase of 2.61 million SAVM for just 277.66 ETH (around $681,000) in the opening seconds of trading.
With supply severely limited as the only initial buyer, the trader immediately began selling the SAVM tokens to hungry buyers for immense profit. So far, Lookonchain observes the trader has sold 2.16 million SAVM for $4.38 million.
After recouping the initial outlay, there are still 450,000 SAVM tokens left spread across 4 wallets valued at $3.07 million in total. Hence, the total profit so far sits at an incredible $6.77 million in just a little moment of strategically timed trading.
You may also be interested in:
- Choppy Waters Ahead? Here’s the Risk of a Pre-Halving Bitcoin Selloff
- Solana (SOL) Turns Bullish Across All Timeframes but Analyst Insists This Resistance Must Break First
- BlockDAG Unveils Miners for Profitable Mining as Bitcoin’s Funding Rate Hits 66%, and Litecoin Expects a Rally
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters