One “lucky” trader is drawing attention for taking huge profits in just one month by trading a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival.
According to the blockchain-tracking service Lookonchain, the trader racked up about $2.5 million in profits, or a 6,102% gain, by buying and selling Grok (GROK), a token inspired by, but unrelated, to Grok AI, a chatbot service on Elon Musk’s social media platform X.
“This trader made ~$2.5 million (+6,102%) on GROK in one month. Let’s see how he did it.”
Lookonchain says the trader made well-timed Grok purchases and later sold some of the holdings on crypto exchange Gate.io as the memecoin’s value soared. At time of writing, the trader still holds nearly 70 million Grok.
“This trader was very lucky. He/she caught Grok three minutes after opening trading and bought a large amount of Grok at a very low price. In less than 12 hours, he/she had a profit of 140 times, then he/she bought more Grok.
When Grok was listed on (crypto exchange) Gate.io, he started depositing Grok to Gate.io to sell for profits.
This trader spent 21.24 ETH ($42,000) to buy 154.7 million Grok. Then sold 11.88 million Grok for 18.44 ETH ($37,000) on DEX and deposited 72.96 million Grok ($1.38 million) to Gate.io.
Currently, he/she still holds 69.87M GROK ($1.16 million), with a total profit of ~$2.5 million.”
Grok is trading for $0.0165 at time of writing, up slightly in the last 24 hours.
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