In a high-risk, high-reward venture, a crypto trader achieved an astounding feat, transforming a modest investment of $3,000 into an impressive $651,000 in just 19 hours. The trader’s journey into the world of cryptocurrencies serves as a testament to the volatile nature of low-liquidity tokens.
The remarkable turnaround
On January 25, at 06:25 am (UTC), Lookonchain reported a jaw-dropping success story in the world of cryptocurrency trading. At that time, the trader was in possession of a staggering 314.9 trillion SNOW tokens, with a total value of approximately $535,000.
The crypto trader embarked on this incredible journey by initiating a purchase of 386.94 trillion SNOW tokens, valuing at 1.31 ETH, or $2,931. Shortly after, the trader astutely capitalized on the opportunity by selling 72 trillion tokens, garnering 53.4 ETH, equivalent to $119,000. This strategic move resulted in a remarkable profit of 52.09 ETH, or $116,000.
Snowman (SNOW): A speculative memecoin
Snowman (SNOW), the focal point of this extraordinary trading venture, is a low-liquidity and low-cap ERC-20 token exclusively traded on Uniswap. Interestingly, this token lacks comprehensive information on the decentralized exchange, indicating its speculative nature. It operates under the smart contract ‘0xD1f…a557f’.
Despite its low liquidity, SNOW boasts a Total Value Locked (TVL) of $374,100 within its liquidity pools, with a 24-hour trading volume exceeding an impressive $4.7 million. The circulating supply of SNOW stands at 888.888 trillion tokens, with each token priced below $0.00000001.
Crypto trader dominating the SNOW market
Notably, the trader’s initial purchase accounted for a staggering 43.5% of the circulating supply, signifying their substantial presence in the SNOW market. Furthermore, the crypto trader currently holds a significant 28.3% of all Snowman tokens, surpassing the available liquidity.
This remarkable trading journey serves as a testament to the extreme volatility and inherent risks associated with low-liquidity tokens. While this particular trade reaped substantial profits, it underscores the unpredictability of such ventures. Speculators often find it challenging to secure meaningful gains in the unpredictable low-liquidity environment, where rapid price fluctuations can swiftly lead to significant losses.
This crypto trader’s incredible achievement of turning $3,000 into $651,000 in a mere 19 hours showcases the exhilarating but perilous world of low-liquidity cryptocurrencies. As the trader’s success story captivates the crypto community, it serves as a stark reminder of the rollercoaster ride that speculative trading can be in the crypto market.
