An anonymous cryptocurrency trader has managed to turn an initial investment of just $98 into over $1.1 million in profits within a short span of three months. This remarkable feat was achieved primarily through early investments into lesser-known altcoins that later saw tremendous growth.
The trader’s wallet address, starting with 0xad47, was highlighted by on-chain analyst 0xReflection on Twitter recently. Through verifiable on-chain activity, the analyst was able to trace the trader’s journey from relative obscurity to crypto riches in less than a quarter of a year.
Meteoric Rise Built on Obscure Investments
As per the analyst’s findings, the trader’s strategy relied heavily on identifying and investing in cryptocurrencies that had extremely small market capitalizations and were largely unknown.
By pioneering investments in these assets early on, the trader was able to ride the waves as some of them saw massive spikes in valuation.
2/➮ How I came across this wallet:— Reflection (@0xReflection) November 19, 2023
To begin with, utilize @DEXToolsApp:
☩ Discover Hot Pairs.
☩ Share the address with @etherscan.
☩ Explore wallets, starting from the 10th position.
Next, leverage @zerion to analyze transactions. pic.twitter.com/5WNnbWzJiX
The single most profitable investment proved to be the trader’s purchase of 600,000 ATOR tokens, the native cryptocurrency of the AirTor Protocol, at $0.08 each.
Launched earlier this year, ATOR has seen a mind-boggling 7,000% growth since then. Having invested early, the 0xad47 wallet saw gains of approximately $900,000 from this investment alone, as ATOR soared to over $1.7 in price.
Additional Major Profits
Apart from ATOR, the trader also holds significant unrealized profits from investments in other lesser-known cryptos. These include:
- 100,000 MC tokens, the native currency of decentralized gaming platform Merit Circle, purchased at $0.29 each. With MC currently trading around $0.92, the investment is worth around $62,900 in unrealized gains.
- 333,344 NXRA tokens, the native token of fintech platform AllianceBlock, purchased in June 2022 for $0.05 per token. As NXRA now trades at $0.11, this investment has racked up $17,044 in profits.
These obscure picks, which went on to post incredible returns, underscore the trader’s deep understanding of undiscovered gems in the crypto industry. By identifying potentials early and investing during price lulls, the trader was able to ride uptrends for mammoth gains.
Industry Leaders Take Note
As 0xReflection pointed out, the trader’s feats have not gone unnoticed by bigger industry players. Various major crypto wallets have already begun investing significant capital into projects like Merit Circle, indicating growth potential in assets pioneered by the anonymous investor.
However, the analyst also warned casual observers against blindly mimicking the 0xad47 trader’s moves. He emphasized the need for individual research, due diligence and calculated risk-taking, without which investors may not obtain similar returns.
The remarkable growth of this trader’s crypto portfolio highlights the potential profits from identifying promising projects early amidst the thousands of cryptocurrencies emerging today. However, realizing such outsized gains involves meticulous research and strategic risk-taking – aspects casual investors may lack.