Daily Post 2️⃣ October 26, 2024 (Saturday)
The post Trader Earns $140K in Just 20 Minutes, Here's How appeared first on @s_g_official1
In the realm of cryptocurrency, instant profits are every crypto enthusiast's dream. Today, this dream became a reality after the announcement of the largest cryptocurrency exchange Binance.
Trader made $140K in 20 minutes
On October 25, 2024, Binance announced the listing of the MOODENG perpetual contract. Following the announcement, a trader spent 1,300 SOL to buy 2.77 million MOODENG meme tokens, as reported by Lookonchain.
Announcing Binance's Modding Perpetual Agreement
After Binance's announcement, MOODENG skyrocketed and traders quickly sold 2.77 million meme tokens for 2,109 SOL and made an instant profit of 809 SOL worth $140,000. This was not the first time this businessman made a quick profit. On October 24, 2024, after Binance announced the listing of the GOAT perpetual contract, the trader traded 99 SOL, worth $17,000.
This post on X is getting a lot of attention from crypto enthusiasts, possibly due to the trader's immediate profit and the upside rally that MOODENG registered after the announcement.
Current price momentum
At press time, MOODENG is trading around $0.228 and has registered a significant price increase of over 190% in the last 24 hours. During the same period, its trading volume increased by 470% reflecting the increased participation from traders and investors after listing on Binance.
With this impressive price increase, MemeCoin's market cap has crossed $200 million and currently stands at $224.60 million.
An open interest in modding
Following an increase in trader interest in Memcoin, its open interest has increased by 350% in the last 24 hours and by 32% in the last four hours. This increased open interest indicates increased activity by traders and may indicate the building of more positions following its listing on Binance.
Source: Coinglass
In addition to the growing interest in memecoin, data from CoinGlass shows that MOODENG's long/short ratio is currently 1.03, indicating strong bullish sentiment among traders.