Despite the BULLY price dropping 90%, a crypto trader still earned $5.95M after ignoring panic selling and holding the tokens.
The crypto market is known for its high-profit opportunities. However, it also has limitations, such as volatility, which often leads to immediate trend reversals, altering the entire trajectory of crypto trading. If a token trends upwards, such a direct change might cause it to drop, and vice versa. The same happened to this crypto trader, as he once faced significant losses, while another time he earned millions from the same trade.
Achieving such high returns is not uncommon in the market, as recently, a trader turned $378K into $35.2M. However, investors should not overlook certain risks associated with trading.
The legendary victory of the Crypto Trader, earning $5.95M
As volatility plays a significant role in token performance, implementing the right crypto trading strategy becomes very necessary. Interestingly, this crypto trader had some strategies that led him to achieve $5.95M, despite previously being almost at zero in the same trade.
According to a post from Lookonchain, this happened when the crypto investor spent 115 SOL (equivalent to $19.4K) to buy 20.51M BULLY tokens. However, to his shock, as the BULLY price fell more than 90%, the high-profit crypto trading opportunity turned into a disaster. This confirmed the impact of volatility on specific tokens, but the investor did not exit. Instead, he continued to hold and purchased another 19.93M BULLY after spending 16 SOL ($3.2K) on November 18.
From almost zero to $5.95M — what a legend!
A month ago, he spent 115 $SOL ($19.4K) to purchase 20.51M $BULLY and then watched it drop 90%.
But he did not sell.
Conversely, on November 18, he spent another 16 $SOL ($3.2K) to purchase 19.93M $BULLY.
Ultimately, he even attempted to profit from this loss, which is what happened as the BULLY price surged on November 22, with a market cap of $140M. More importantly, the crypto trader's token holdings turned into $5.95M.
Dolos The Bully (BULLY) price continues to rise
Despite facing a 90% drop, the token has recovered, leaving holders impressed. According to DEXSCREENER data, the BULLY price surged nearly 24% in the past 13 hours, currently at $0.1685. Additionally, its market cap is $163.6M, with a trading volume of $41.9M. With this, if this crypto trader still holds all these tokens, his holdings must have grown to $6.8M, making his crypto trading experience even better.
However, BULLY is not the only bullish token today. Bitcoin's price is about to hit $100, currently at $98.6, but many other popular cryptocurrencies like Solana have already reached ATH, confirming the dominance of bulls in the crypto market.
Crypto investor's strategy realizes $5.92M profit
For many, this seems like an easy trade as cryptocurrency investors reaped substantial rewards. However, there are always some crypto trading strategies that can support such profits in the market. In this trader's case, he primarily followed three simple but impactful strategies that boosted his profits from zero to $5.92M.
The first strategy is to analyze trends and find the right cryptocurrency to invest in. With the correct technical indicators and market trends, investors must have chosen the BULLY token. More importantly, he invested a low amount or what he could afford to lose, around $22.6K, and turned it into $5.92M.
Last but not least, he avoided panic selling, a term used to describe selling at low prices due to fear of further losses. Here, despite the token dropping 90%, the crypto trader did not panic and held the token until the price stopped rising. However, some other investors lost $454 in panic selling within 40 minutes, committing the biggest trading mistake.
