Smart Trader Makes Mouthwatering 400% Profits Trading DOGS Memecoin Ahead of CEX Listings

Feeding on the hype surrounding the DOGS token, a smart trader has made mouthwatering 400% profits trading the memecoin on centralized and decentralized crypto exchanges.

A smart crypto trader has reportedly made a mouthwatering 400% profit trading the memecoin, DOGS, on both centralized (CEXs) and decentralized (DEXs) crypto exchanges.

The attention to the memecoin was ignited when the news of a major CEX listing rocked the crypto space. This pushed the coin to record substantial gains before declining afterward.

The memecoin, which is tied to the Telegram community, garnered attention irrespective of the news of the arrest of the founder of the global social media platform.

DOGS had initially gained traction among Telegram users before the buzz spread across the broader market.

Here’s How the Trader Made 400%

According to a recent report by Lookonchain, a large crypto transaction tracking platform, the crypto trader made this profit by trading DOGS on CEXs and DEXs.

Per the report, DOGS had already been trading on DEXs before being listed on CEXs at the price of $0.00013.

This trader first spent 3,271 Toncoin (TON) (approx. $18.4K) to buy 55.9 million DOGS coins on STON.fi DEX. Shortly after, he sold about 20 million DOGS memecoin for 6,150 TON (approx. $34.6K).

Subsequently, the trader deposited the remaining 35.9 million DOGS (valued at $61K) into centralized exchanges like Bybit and Kucoin and made precisely $77.3K (420%) profit from the initial investment.

The transaction got massive reactions from the crypto community as many praised the trader for his calculations.

Particularly, one user “Kimz” called it “impressive trading,” pointing out that his proper DOGS market timing paid him off big time. However, others insinuated that it might have been insider trading, questioning how the trader already knew that the coin would be listed on CEXs 2 hours before it was.

Centralized exchange listings were announced for the DOGS coin on August 26, creating a massive buzz before eventually being introduced to top platforms like Gate.io, Bybit, and Kucoin.

Moreover, Binance, the largest crypto exchange by trade volume, has already listed DOGS as the 57th project in its Launchpool program.

DOGS Price Movement Today

Meanwhile, the hype surrounding the coin has faded as the coin is trading in the red zone at the time of writing.

According to data from coinMarketCap, DOGS has declined significantly by 20.4% over the last day to trade at $0.001277. Ultimately, it became the 7th most-traded asset in the last 24 hours with a $2.14 billion trade volume and a market cap of $658.7 million.