Lone Sniper Hits $7 Million Jackpot, Trio of Traders Net $1 Million Apiece During SAVM Crypto Launch
A recent report from Arkham Intelligence has revealed that the launch of the satoshivm (SAVM) token two days ago resulted in three skilled crypto traders, known as 'snipers,' earning a profit of $1 million each. Among these snipers, one address stood out as the most successful, achieving a remarkable gain of over a million dollars in under 40 minutes.
Crypto Snipers and the SAVM Launch
According to Arkham Intelligence, crypto snipers capitalized on the recent satoshivm (SAVM) launch, managing to make substantial profits. Sniping refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage. This strategy involves setting parameters in advance for immediate purchasing upon a new token's launch and utilizing automated trading bots. Market data from coingecko.com shows that SAVM initially debuted at $6.83 per unit and is currently trading between $9.48 and $14.13 over the past day.
Arkham reported, "When SAVM launched 2 days ago, over $3 [million] of ETH attempted to snipe the token as soon as liquidity was deployed. It was a knife fight – with the top 3 most successful snipers all making over $1 [million] each, in under 12 hours. The largest sniping address, 0x278, bought 2 million SAVM for [$333,000], selling it over the next half an hour for a total of $1.7 [million]." Arkham added that although they had to pay [$350,000] to ensure their transaction was included in the block, they ended up making over a million dollars in just 40 minutes.
Individual Snipers' Profits
Arkham provided further details on the profits earned by the snipers. The second-largest participant invested $220,000, allowing them to acquire 450,000 SAVM tokens. However, this trader incurred additional expenses of nearly $300,000 for transaction inclusion. In total, they made slightly over $1 million in profits, with the remaining SAVM valued at $120,000.
The last sniping traders distributed their purchases among five different accounts, with each account buying approximately 15 ETH. This strategy involved an investment of 90 ETH to secure 191,000 SAVM tokens. Over the next nine hours, these tokens were gradually sold, resulting in 618.4 ETH or $1.5 million in profits. Lookonchain researchers disclosed that another sniper made nearly $7 million in profit from sniping activities.
According to Lookonchain's X account, a single trader earned an astonishing $6.77 million in just three hours from trading SAVM. This trader utilized the Bananagun trading bot and paid a substantial bribe fee of 141.66 ETH to secure the advantageous position of being the first purchaser of SAVM on its opening day. The trader acquired 2.61 million SAVM, incurring a total expense of 277.66 ETH or approximately $681,000.
The Debate Around Crypto Sniping
The practice of crypto sniping has sparked numerous discussions. The debate primarily centers around the use of sniper bots in crypto trading. The employment of these bots is controversial, as it raises concerns about market integrity and potential manipulative practices. Sniper bots can provide unfair market advantages, leading to price distortions and putting individual traders at a disadvantage, as they are unable to match the bots' speed and effectiveness.
While this is a nuanced topic, supporters of sniping argue that it is a groundbreaking approach that involves risks unfamiliar to traditional traders. Bot trades may not always succeed, transactions can fail, and market responses can be entirely unpredictable. Those who employ sophisticated tools like sniper bots need to possess boldness, tactical skill, and sometimes invest hundreds of thousands of dollars to secure an advantage in the highly competitive crypto trading arena.
What are your thoughts on the practice of crypto sniping? Share your opinions in the comments section below.
Frequently Asked Questions
Is buying gold a good option for retirement planning?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The most popular form of investing in gold is through physical bullion bars. But there are many other options for investing in gold. It's best to thoroughly research all options before you make a decision.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you need cash flow from an investment, purchasing gold stocks is a good choice.
ETFs are an exchange-traded investment that allows you to gain exposure to the market for gold. You hold gold-related securities and not actual gold. These ETFs usually include stocks of precious metals refiners or gold miners.
Should you open a Precious Metal IRA
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. If you lose money in your investment, nothing can be done to recover it. This includes any loss of investments from theft, fire, flood or other circumstances.
This type of loss can be avoided by investing in physical silver and gold coins. These items can be lost because they have real value and have been around for thousands years. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
Consider a reputable business that offers low rates and good products when opening an IRA. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
When you open an account, keep in mind that you won't receive any returns until your retirement. So, don't forget about the future!
Which precious metal is best to invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. If patience and time are your priorities, silver is the best investment.
If you don't care about getting rich quickly, gold is probably the way to go. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
Can I buy or sell gold from my self-directed IRA
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute up to $1,000 annually ($2,000 if married and filing jointly) directly to a Roth IRA.
If you do decide you want to invest your money in gold, you should look into purchasing physical bullion instead of futures contracts. Futures contracts are financial instruments that are based on gold's price. They let you speculate on future price without having to own the metal. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
What are the benefits of a Gold IRA?
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It will be tax-deferred up until the time you withdraw it. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are better suited for people who want to save for college expenses. Others are intended for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. However, once they begin withdrawing funds, these earnings are not taxed again. This account may be worth considering if you are looking to retire earlier.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA where you pay taxes on gains, a gold IRA doesn't require you to worry about taxation while you wait to get them. People who prefer to save their money and invest it instead of spending it are well-suited for gold IRAs.
Another benefit to owning IRA gold is the ability to withdraw automatically. You won't have the hassle of making deposits each month. You could also set up direct debits to never miss a payment.
Finally, gold remains one of the best investment options today. Because it isn't tied to any particular country its value tends be steady. Even in times of economic turmoil gold prices tend to remain stable. Therefore, gold is often considered a good investment to protect your savings against inflation.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example, and Risk Metrics
- Fraud Advisory: Precious Metals Fraud
By: Jamie Redman
Title: Crypto Snipers Strike Gold as Traders Earn Millions in SAVM Token Launch Frenzy
Sourced From: news.bitcoin.com/crypto-snipers-strike-gold-as-traders-earn-millions-in-savm-token-launch-frenzy/
Published Date: Sun, 21 Jan 2024 23:30:31 +0000