Trader Makes $140K in Just 20 Minutes, Here’s How

In the realm of cryptocurrency, quick profits are the dream of every crypto enthusiast. Today, that dream became a reality following an announcement by Binance, the largest cryptocurrency exchange.

Trader made $140K in 20 Minutes

On October 25, 2024, Binance announced the listing of the MOODENG perpetual contract. Following this announcement, a trader spent 1,300 SOL to purchase 2.77 million MOODENG meme tokens, as reported by Lookonchain.

Binance’s MOODENG perpetual contract Announcement

After Binance’s announcement, MOODENG skyrocketed and the trader quickly sold 2.77 million meme tokens for 2,109 SOL and made a quick profit of 809 SOL worth $140,000. This wasn’t the first time this trader made a quick profit. On October 24, 2024, after Binance announced the GOAT perpetual contract listing, the trader used the same strategy to earn 99 SOL, worth $17,000.

This post on X is gaining significant attention from crypto enthusiasts, likely due to the trader’s quick profit and the upside rally the MOODENG registered following the announcement.

Current Price Momentum

At press time, MOODENG is trading near $0.228 and has registered a significant price surge of over 190% in the past 24 hours. During the same period, its trading volume skyrocketed by 470% indicating heightened participation from traders and investors following listing on Binance. 

With this impressive price surge, the meme coin’s market cap has surpassed $200 million and it currently stands at $224.60 million. 

MOODENG’s Open Interest

Following increased trader interest in the meme coin, its open interest has surged by 350% in the past 24 hours and 32% in the past four hours. This rising open interest indicates growing trader activity and could indicate the buildup of more positions after its listing on Binance.

In addition to the growing interest in the meme coin, data from CoinGlass shows that MOODENG’s long/short ratio currently stands at 1.03, indicating strong bullish sentiment among traders.