Altcoin
Crypto Trader Makes $7M Profit With GOAT, Smart Money or Insider Trading?
In a riveting turn of events, a crypto trader nabbed substantial investor attention across the broader market on Saturday, amassing a staggering $7 million profit trading Goatseus Maximus (GOAT), the Solana meme coin. On-chain data reveals that the trader turned a mere $58K into $7.5 million amid a roughly 400% pump recorded in the Solana meme token over the past month. In the wake of the trader’s remarkable profit, market watchers speculate if the address is a smart trader or an insider.
Crypto Trader Turns $58K To $7.5M Using GOAT
According to on-chain data revealed by the blockchain analytics platform Arkham on November 2, the crypto trader 4Jpef1.. made $7.5 million after buying 1.5% of GOAT’s supply previously for $58K. Notably, this trader accumulated the Truth Terminal-backed token in massive amounts nearly a month ago.
Subsequently, the Goatseus Maximus saw a stockpile of listings on major crypto exchanges over the month, urging a bullish price trajectory. This chronicle, as a whole, got the market speculating whether the trader is an insider or simply a smart money. Further, it’s noteworthy that the address currently holds 13.35 million Goatseus Maximus coins, per Arkham data. However, it’s also worth mentioning that the address bagged massive amounts of DADDY token months ago, sparking contrasting speculations as the coin has not seen significant gains since then.
Nevertheless, the massive return on the address’ Goatseus Maximus investment fueled an optimistic torrent surrounding the token’s potential to offer gains.
How Is The Coin Performing?
At press time, GOAT price tanked nearly 10% over the past day and is currently trading at $0.4932. The coin’s intraday low and high were recorded as $0.4933 and $0.5944, respectively. Although the token currently mirrors a bearish movement, it’s worth noting that the monthly chart for the asset illustrated gains worth over 400%.
Further, a recent CoinGape Media report highlighted key factors why Goatseus Maximus price could rally to $1 ahead, primarily attributable to the token’s futures OI hitting a new ATH. Coupled with the phenomenal price upswing, this dynamic ignited market sentiments of a $1 price target looming for the token in November. Crypto market watchers continue to extensively monitor the token for further price action shifts.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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