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- A smart trader achieved a 400% profit trading DOGS by leveraging early DEX access before the CEX listing.
- DOGS gained massive traction due to community support, airdrops, and strategic exchange promotions.
DOGS, a new meme coin, has sparked great interest in the cryptocurrency market, particularly since its recent debut on major exchanges such as Binance and Bybit on August 26, 2024.
This listing followed an airdrop of the token to active Telegram users, as part of an ambitious distribution strategy in which 42.2 million eligible users received 81.5% of the total token supply.
The meme token immediately grabbed traction, with its price rising by more than 230% in its first trading day on Binance. The token’s early excitement stemmed from its roots in the TON blockchain and the tremendous community support it has received.
DOGS, inspired by Telegram CEO Pavel Durov’s pet dog Spotty, has emerged as a symbol of meme token’s growing importance in the cryptocurrency industry.
Strategic Trading Amid DOGS Volatility: A Profitable Move
Aside from the hoopla, smart traders have seized on the volatility surrounding the token. According to Lookonchain, one such trader profited more than 400% by strategically trading DOGS prior to and during its debut on centralized exchanges (CEX).
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
This trader spent 3,271 TON, worth $18.4K, for 55.9 million DOGS on a decentralized exchange (DEX) when the price was as low as $0.00013.
The trader then sold 20 million the meme token for 6,150 TON, worth $34.6K, and deposited the remaining 35.9 million DOGS, worth $61K, to CEX, making a profit of $77.3K.
Despite the initial spike, DOGS has seen a reversal, and its current price is around $0.001225, down 4.56% over the last 24 hours. DOGS has a market cap of roughly $632.22 million, showing the token’s widespread adoption and interest.
Overall, DOGS exemplifies the ongoing growth of meme coins, fueled by community interaction and market speculation. As the Toncoin ecosystem evolves, DOGS is likely to remain a focus point for both traders and enthusiasts.
