Trader Made $1.25 Million in 8 Minutes by Sniping BUZZ Tokens
According to data from blockchain analytics platform Lookonchain, a cryptocurrency trader made a staggering profit of 6,008 SOL, worth approximately $1.25 million, in just 8 minutes by sniping the BUZZ token. The profit highlights the exciting yet risky opportunities in the rapidly evolving world of cryptocurrencies.
Trader netted $1.25 million in 8 minutes
The impressive transaction was exposed by Lookonchain, showing that the trader spent 82 SOL (worth $17,000) to purchase 268.12 million BUZZ tokens. This represents 26.8% of the total token supply.
However, in order to gain first-mover advantage, traders paid a trading fee of 49 $SOL, ensuring they were among the first to purchase the token.
Once BUZZ tokens are obtained, traders act quickly. In just 8 minutes, they sold all their positions for 6,090 SOL (equivalent to $1.26 million). After deducting the initial investment and trading fees, the trader made a profit of $1.25 million.
The role of sniping in cryptocurrency trading
Sniping in cryptocurrency refers to buying a coin quickly before anyone else does, with the hope of selling it soon at a higher price. While rewarding, it’s a risky strategy that requires expertise and precise timing.
Trades like this highlight the ever-evolving nature of the cryptocurrency market, where timing and strategy can lead to extraordinary gains.
