An unidentified cryptocurrency investor increased their investment by approximately tenfold within a month, raising it to $3.23 million. This success emerged from trading low-volume tokens and was the result of a high-risk strategy that this time achieved a positive outcome.
Investor and Their Strategy
The transactions carried out by this investor were revealed in a post by Lookonchain on X (formerly known as Twitter) on December 15th. In particular, the anonymous investor had started their journey with $315,000 and had earned $2.98 million by the time Lookonchain mentioned.
Furthermore, it seems that the mentioned amount has already exceeded $3.23 million and the earnings were continuously increasing. These data were provided by Zerion about a month ago, on November 15th, showing an initial value of $346,186.
Even more interesting is that Lookonchain pointed out that MultiBit (MUBI) was related to about two-thirds of this investor’s current balance. The token price has increased by 4,729% since its launch and is trading at $0.35 at the time of writing.
Lookonchain describes MultiBit (MUBI) as follows:
MultiBit is the first dual-sided bridge designed for easy cross-chain transfers between BRC20 and ERC20 tokens.
What Has the Investor Done?
In particular, it was observed that the trader spent 38.33 WETH, which is $75,500, to purchase 10.27 million MUBI within three days of the token being listed. The 10.27 million MUBI purchased is worth $3.6 million at the time of writing, and a profit of $3.5 million from MUBI alone has been realized.
However, it’s essential not to overlook the challenges that the trader would face in realizing this position and actualizing the profit. When examining this amount, it accounts for more than 10% of the token’s market value, which could directly affect MultiBit’s price if a substantial sale is executed.
Apart from MUBI, the anonymous trader also conducted multiple transactions involving several tokens. When these transactions are examined, it wouldn’t be correct to say that they were all successful.
Speaking of MUBI and its price movement, the altcoin has seen an 84% increase in the last 24 hours, trading at $0.3591. Alongside the price surge, the 24-hour trading volume increased by 84%, reaching a level of $167 million. The overall volume of the altcoin has also increased by 85%, resulting in a level of $340 million.
