According to blockchain analytics platform Lookonchain, a crypto trader made an impressive profit of 6,008 SOL, worth around $1.25 million, in just 8 minutes by “sniping” the BUZZ token. The transaction illustrates the lucrative but risky opportunities in the volatile crypto world.
$1.25 million profit in just 8 minutes
Lookonchain revealed the notable transaction, showing that the trader spent 82 SOL, equivalent to $17,000, to purchase 268.12 million BUZZ tokens, representing 26.8% of the total supply. To gain an early advantage, they spent an additional 49 SOL in transaction fees, ensuring they were among the first to purchase the token.
The trader acted extremely quickly after acquiring the BUZZ tokens. In just 8 minutes, they sold all their tokens for 6,090 SOL, equivalent to $1.26 million. After deducting the initial investment and transaction fees, the net profit reached $1.25 million.
Read more: Binance Authorized to Sell Securities and Issue Crypto in Brazil
The Role of “Sniping” in Cryptocurrency Trading
“Sniping” in cryptocurrency trading is the tactic of quickly buying tokens before others, hoping to resell them at a higher price in a short period of time. This is a strategy that can bring huge profits but is also risky, requiring experience and precise timing.
Trades like this highlight the ever-changing nature of the cryptocurrency market, where timing and strategy can bring extraordinary profits.
