Dogecoin Surge Makes This Trader Over $1.1 Million

Dogecoin has been rising elegantly since Twitter replaced its logo with that of the DOGE token. In a recent update, the social media platform has updated its blue bird logo with the Dogecoin image. It is unclear at the moment whether or not, this is a permanent change to the Twitter logo. 

Also read: Dogecoin: Bitcoin Maxis Call Out DOGE as Security, Co-Founder Comes to Rescue

Now, the surge in DOGE’s price definitely made some traders millions in minutes. A cryptocurrency trader who goes by the name “Tree of Alpha” made over $1 million as he caught the Dogecoin news early.

1/ Yesterday's Doge trade: On reacting, Sizing, and being degenerate when you need to be.
The essence of News Trading isn't speed, it is knowing when to size up.

I all started when someone in the Tree News Discord posted that they were seeing the Doge icon as the Twitter logo. pic.twitter.com/483AnBWMUk

— Tree of Alpha (@Tree_of_Alpha) April 4, 2023

Tree of Alpha breaks down how he made over a million dollars with Dogecoin

Tree of Alpha addressed The Block by saying, “I made $1.1 million in 30 minutes on an $8 million total position size.” The identity of the trader, which stays anonymous, revealed that he noticed the Twitter logo change when someone posted it on the Tree News Discord messaging platform.

The news was then published by all prominent media outlets, which prompted him to buy DOGE. He initially bought $3 million, then $2 million, and then $3 million worth of Dogecoin. The trader then sold the DOGE at $0.095 and speculated that it could go either way due to various reasons.

7/ Some of the factors that made me exit around the 0.095 mark were:
-There was still a chance of a late April Fool's joke
-I had to go take a walk on my treadmill and cook
-Elon could have tweeted something debunking the whole thing like he has done before.
-it is a lot of money

— Tree of Alpha (@Tree_of_Alpha) April 4, 2023

Tree of Alpha also shared some advice for those who are trading cryptocurrencies and asked them to enter trades that have a much higher chance of going up.

• doge
• Dogecoin

Source: https://thebittimes.com/dogecoin-surge-makes-this-trader-over-1-1-million-tbt43051.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Altcoin News

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