Lookonchain shed light on the matter, providing details of the transaction records, showing the massive gains in just two days. According to the post, the trader spent 10.2 SOL, or about $1,795, to buy 36.27 million Ban tokens. As the token’s price skyrocketed, the initial investment grew to $873,000 in a short period of time.
This is impressive, especially since the cryptocurrency market has been facing a lot of volatility in recent days, despite the optimism surrounding the “Uptober” event. The market had been driven up by investors before, but the impact of macroeconomic factors has made the situation less favorable.
While the crypto market is still challenging, not every investment strategy needs to be complicated. This trader is a clear example, as he simply applies a simple strategy: be patient with losses.
In crypto trading, a common mistake that many people often make is panic selling. When prices plummet, they trade their assets in fear and accept large losses in an attempt to retain some of their initial investment.
Read more: What’s Driving Raydium’s 50% Surge Over the Past Week?
However, this trader acted more wisely by staying calm and patiently waiting for the price to recover. Instead of dumping, he slowly sold his Ban tokens after each significant price increase to make the most of the next growth. The Lookonchain post added that he sold 12 million Ban tokens at $56,900 when the price was rising. When the price dropped by 90%, he remained calm, waiting for the next recovery. Notably, he only sold 6.13 million Ban tokens for $80,700, and still retained 18.13 million Ban tokens (worth $734,000) to continue waiting for the next potential price increase.
