- Trader used a sniping bot called Banana Gun to acquire 2.5 million SAVM tokens at launch for $681,000
- Trader sold 2.16 million SAVM tokens within 3 hours during the pump for $6.77 million in profit
- After the 99% price collapse, the trader still held 450,000 SAVM tokens worth around $3 million
A crypto trader recently pulled off an incredibly profitable token trade by using an automated trading bot to buy tokens right as they launched. The trader managed to turn an initial investment of around $681,000 into $6.77 million in profits within just three hours.
The Sniping Strategy
The trader utilized a trading bot called Banana Gun to snipe the newly launched SatoshiVM (SAVM) token right as it went live. By being the very first buyer, the trader was able to acquire the tokens for an extremely low price before the price rose as more buyers entered the market.
Acquiring the Tokens
The trader paid 141.66 ETH ($681,000 at the time) in fees to use Banana Gun to snipe 2.5 million SAVM tokens right as they launched.
Profiting From the Pump
After acquiring the tokens, the trader sold 2.16 million of them within three hours for 438 million BUSD as the price climbed rapidly. This netted the trader profits of around $6.77 million.
Aftermath
The token’s price collapsed by 99% shortly after as the developers blamed a bug. The Banana Gun team took responsibility for the issues and made affected users whole. The trader still holds 450,000 SAVM tokens worth around $3 million.
Conclusion
Through using the sniping bot strategy, the trader was able to acquire a large portion of the newly launched tokens right as they went live. By selling most of the tokens during the ensuing pump, the trader managed to turn an initial $681,000 investment into nearly $7 million in profits within just three hours. The trade demonstrates the potential profits possible in volatile new token launches.
