Benzinga - A pseudonymous crypto trader, known as “Tree of Alpha,” made over $1 million within 30 minutes during a recent Elon Musk-induced Dogecoin (CRYPTO: DOGE) rally.
What Happened: According to Tree of Alpha, the profit was made on an $8 million total position size.
The rally was instigated when an individual in the Tree News Discord messaging platform observed the Dogecoin icon as the Twitter logo. Following this, the popular crypto news Twitter account “DB” tweeted the new Twitter logo, which further confirmed the observation.
Sensing an opportunity, Tree of Alpha started buying Dogecoin, initially purchasing $3 million worth, followed by two $2 million dollar purchases, and a final buy of $3 million.
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
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
The rapid buy-in saw Tree of Alpha’s total position size rise to $8 million, ultimately resulting in a $1.1 million profit within just 30 minutes.
Dogecoin experienced a significant surge in price on Monday evening, surging by over 30% in just 30 minutes.
The reason behind this sudden spike can be attributed to Musk, who changed the Twitter bird icon to a Shiba Inu dog – the same dog that serves as Dogecoin’s official mascot.
As soon as this change was spotted by Dogecoin enthusiasts, the market was quick to react. And it wasn’t long before the price of DOGE hit the coveted $0.10 mark.
“This is actually my biggest trade of the year by far,” Tree of Alpha said.
Price Action: At the time of writing, Dogecoin was trading at $0.092, down 5% in the last 24 hours, according to Benzinga Pro.
Read More: Ethereum Hovers Around $1.9k, Bitcoin And Dogecoin Slide: Analyst Sees 2nd Largest Crypto’s First Major Breakout Since November 2021
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.