Lone Sniper Hits $7 Million Jackpot, Trio of Traders Net $1 Million Apiece During SAVM Crypto Launch
Crypto snipers managed to make some decent profits from the recent satoshivm (SAVM) launch, as detailed by Arkham Intelligence. Sniping, which refers to the practice of executing crypto trades with exceptional speed and precision to gain a strategic advantage, proved to be a lucrative strategy for these traders. By pre-setting parameters for immediate purchasing upon a new token's launch and leveraging automated trading bots, they were able to capitalize on the price movement.
When SAVM launched two days ago, over $3 million worth of ETH attempted to snipe the token as soon as liquidity was deployed, according to Arkham. In a knife fight-like scenario, the top three most successful snipers each earned over $1 million in profits within 12 hours. The largest sniping address, 0x278, bought 2 million SAVM for $333,000 and sold it within half an hour for a total of $1.7 million. Despite having to pay $350,000 to get their transaction into the block, they still made over a million dollars in just 40 minutes.
The second-largest participant invested $220,000 and acquired 450,000 SAVM tokens, but incurred a significant expense of nearly $300,000 for transaction inclusion. This trader made slightly over $1 million in total profits and still holds SAVM valued at $120,000. The last of the savvy sniping traders distributed their purchases among five different accounts, buying approximately 15 ETH each. With an investment of 90 ETH, they secured 191,000 SAVM tokens. These tokens were progressively sold over the next nine hours, resulting in 618.4 ETH, equivalent to $1.5 million in profits. Another sniper made nearly $7 million in profit from sniping profits, as disclosed by Lookonchain.
In just three hours, a single trader realized a staggering $6.77 million profit from trading SAVM. This individual leveraged the Bananagun trading bot and paid a substantial fee of 141.66 ETH to secure the advantageous position of being the first purchaser of SAVM. They acquired 2.61 million tokens, incurring a total expense of 277.66 ETH, approximately $681,000.
The use of sniper bots in crypto trading has sparked debates about market integrity and potential manipulative practices. Critics argue that these bots confer unfair advantages, leading to price distortions and disadvantaging individual traders. However, supporters of sniping view it as a groundbreaking approach that involves risks unfamiliar to traditional traders. They believe that it takes boldness, tactical skill, and sometimes significant investments to secure an advantage in the 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
What is a Precious Metal IRA (IRA)?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These metals are known as “precious” because they are rare and extremely valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Precious metals often refer to themselves as “bullion.” Bullion refers actually to the metal.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This allows you to receive dividends every year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
Can I keep physical gold in an IRA?
Not just paper money or coins, gold is money. People have been using gold for thousands of years to store their wealth and protect it from economic instability and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. It is possible to make money by investing in gold. However, it doesn't guarantee that you'll make a lot of money.
Gold has historically performed better during financial panics than other assets. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. If your stock portfolio goes down, you still own your shares. Gold can be worth more than its investment in a company that defaults on its obligations.
Finally, gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. The liquidity of gold makes it a good investment. This allows you take advantage of the short-term fluctuations that occur in the gold markets.
How can I withdraw from a Precious metal IRA?
First, determine if you would like to withdraw money directly from an IRA. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. You will also have to account for taxes due on any amount you withdraw if you choose this option.
Next, you'll need to figure out how much money you will take out of your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once you have completed these calculations, you need to open your brokerage account. To encourage customers to open accounts, brokers often offer signup bonuses and promotions. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities will accept bullion bars, others require you to buy individual coins. Before choosing one, consider the pros and disadvantages of each.
Bullion bars require less space, as they don't contain individual coins. You will need to count each coin individually. You can track their value by keeping individual coins.
Some people prefer to keep their coins in a vault. Some prefer to keep them in a vault. Whichever method you choose, make sure you store your bullion safely so you can enjoy its benefits for years to come.
Do You Need to 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. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
You can protect yourself against such losses by purchasing physical gold and silver coins. These coins have been around for thousands and represent a real asset that can never be lost. These items are worth more today than they were when first produced.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
You won't get any returns until you retire if you open an account. Don't forget the future!
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
External Links
bbb.org
cftc.gov
irs.gov
finance.yahoo.com
How To
3 Ways to Invest Gold for Retirement
It's crucial to understand where gold fits in your retirement strategy. There are several options to invest in precious metals if your employer has a 401k. You might also consider investing in gold outside your workplace. If you have an IRA (Individual Retirement Account), a custodial account could be opened at Fidelity Investments. Or, if you don't already own any precious metals, you may want to consider buying them directly from a reputable dealer.
These are the three rules to follow if you decide to invest in gold.
- Buy Gold with Your Cash – Don't use credit cards or borrow money to fund your investments. Instead, deposit cash into your accounts. This will protect you from inflation and help keep your purchasing power high.
- Physical Gold Coins – Physical gold coins are better than a paper certificate. Physical gold coins can be sold much faster than paper certificates. Physical gold coins are also free from storage fees.
- Diversify Your Portfolio. – Do not put all your eggs into one basket. In other words, spread your wealth around by investing in different assets. This can reduce market volatility and help you be more flexible.
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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
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