The post DOGS Token Skyrockets, Smart Trader Nets 400% Profit appeared first on Coinpedia Fintech News
On August 27, 2024, the tap-to-earn token Dogs (DOGS token) gained massive attention from the crypto community following its listing on major centralized exchanges (CEXs) including Binance, HTX, ByBit, and OKX. Amid this listing, a smart trader made over a 400% return on the initial investment, as reported by an on-chain analytic firm lookonchain.
Smart Trader Scores Big with DOGS Token
According to Lookonchain’s post on X (Previously Twitter), before DOGS was listed on major CEXs, it was available on decentralized exchanges (DEXs). However, upon learning about the upcoming DOGS listing on centralized exchanges (CEXs), the smart trader spent 3,271 Toncoin (TON) worth $18,400 and bought nearly 55.9 million DOGS tokens at the low price of $0.00013.
A smart trader has made over 400% profit by trading $DOGS!How did he do it? $DOGS was already available for trading on #DEX a few hours before listed on #CEX, with the price as low as $0.00013.The smart trader spent 3,271 $TON($18.4K) to buy 55.9M $DOGS, sold 20M $DOGS… pic.twitter.com/zqSxyEf0Xk
— Lookonchain (@lookonchain) August 26, 2024
However, following its listing on these CEXs, the price of DOGS skyrocketed. The smart trader sold 20 million DOGS for 6,150 worth $34,600 and deposited the remaining 35.9 million tokens worth $61,000 to a CEX. With this, the trader generated a total of $77,300 achieving a 420% return on investment.
DOGS Price and Market Activity
According to coinmarketcap, DOGS is currently trading near $0.00122 and has experienced a price decline of over 23%, following its listing. Meanwhile, its market cap has reached $640 million.
Rising Open Interest in DOGS
However, investor and trader interest is significantly increasing. According to the on-chain analytic firm CoinGlass, DOGS’s open interest has increased by 35% in the last 4 hours and 16,000% in the last 24 hours.
Additionally, more profit booking or selling pressure could occur in the upcoming days. Currently, traders are significantly shorting, and investors who bought before the CEX listing are starting to dump their holdings.
In addition, this tap-to-earn token is built on the TON blockchain, and over 8 million users have claimed their airdrop following its listing. The project’s Telegram channel also boasts over 16 million active users, which is contributing to the project’s potential for massive success.
