Despite the recent plunge in the price of $GME, which has declined by over 42% in the past week, one strategic trader has capitalized on the fluctuations to realize significant profits.
This trader recently spent 3,059 SOL, equivalent to $526,000, to purchase 78.57 million $GME at a price of $0.0067.
This is not the first time the trader has engaged with $GME. On February 15 and 16, the same individual invested 1,409 SOL, or $165,000, to acquire 68 million $GME at a notably lower price of $0.0024.
Holding onto the tokens for three months, the trader saw an opportunity as $GME’s price began to rise. On May 13 and 14, they sold 35 million $GME for 3,447 SOL, amounting to $503,000, at a significantly higher price of $0.0144.
Since the price of $GME dropped, a trader spent 3,059 $SOL($526K) to buy 78.57M $GME at $0.0067.
This trader spent 1,409 $SOL($165K) to buy 68M $GME at $0.0024 on Feb 15 and Feb 16.
After holding it for 3 months, $GME ushered in a rise.
He sold 35M $GME for 3,447 $SOL($503K)… pic.twitter.com/CKzT3XvzIM
— Lookonchain (@lookonchain) May 20, 2024
Currently, the trader holds a substantial 111.57 million $GME, valued at approximately $781,000. This strategy has resulted in a total profit of around $593,000, demonstrating the trader’s adeptness at navigating the volatile market conditions.
$GME Price Action To Monitor
Interestingly, $GME has seen a resurgence, with its price increasing by 8% today. This uptick further underscores the potential for savvy traders to profit even amid broader market declines. The trader’s ability to identify buying opportunities during dips and capitalize on subsequent price increases highlights the importance of strategic timing and market analysis in cryptocurrency trading.
As $GME continues to experience fluctuations, this trader’s success story serves as a reminder of the opportunities that exist within the volatile crypto market for those who can accurately predict price movements and act decisively.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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