Crypto trader turns $9.6k into $282,000 in hours

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A crypto trader in charge of the wallet designated 0x30f10c… has managed to turn a $9,645 investment into roughly $282,000 in just a few hours by closely monitoring the public wallet activity of Binance founder Changpeng Zhao’s, also known as CZ.

When CZ burned 4,444 Marscoin (MARS) tokens, the trader spent 16 Binance Coin (BNB), worth about $9,645 at the time, to purchase 84.61 million MARS within the same second, according to the latest Lookonchain data.

To secure an early position, the trader reportedly set a gas price hundreds or even thousands of times higher than normal, paying $9.93 in transaction fees.

After the purchase, they used a “2x and take out the initial investment” strategy, which allowed the position to double. Once that happened, they sold 42.3 million MARS tokens, more or less 50% of their holdings, for 16.4 BNB, effectively recovering the original investment. As a result, the trader had 42.3 million MARS left as profit.

0x30f10c… total profits. Source: Lookonchain

Trader turns a 2,800% profit on Marscoin in a matter of hours

Rather than immediately selling the remaining tokens, the trader gradually reduced the position instead. This allowed them to maintain exposure and generate additional income in case the token started to climb again.

Eventually, however, the remaining 42.3 million MARS were sold for 465 BNB, worth approximately $282,000 at the time.

Overall, the strategy delivered an extraordinary return of roughly 29x on the initial capital, or nearly 2840%, reportedly making the wallet the most profitable Marscoin trader.

Of course, the success has also highlighted not only how closely monitoring public on-chain activity can give traders an upper hand but also the extreme volatility and risk involved with minor cryptocurrencies. 

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