The trader first purchased 55.9 million $DOGS for 3,271 TON, approximately $18,000 at the current rate, from a DEX. Shortly after the purchase, $DOGS was listed on CEXs, where its value increased substantially.
According to on-chain analytics firm Lookonchain, the trader made over 400% profits on the cryptocurrency totaling $77,300 from an initial investment of just $18,400. The trader made this huge profit from transactions between decentralized and centralized exchanges, as the token began trading on CEXs two hours before it was listed on DEXs.
The trader sold 20 million DOGS for 6,150 TON, equivalent to $34,600. This single transaction doubled the profit on the initial investment. In a subsequent move, the trader deposited the remaining 35.9 million DOGS on a CEX, where they were sold for $61,000, making 420% in profit.
The crypto market has been closely monitoring DOGS, particularly as it transitioned from trading on decentralized exchanges to a broader audience on centralized exchanges . What makes this particular transaction noteworthy is the execution of the trades within a short timeframe, which allowed the trader to leverage the price difference between DEX and CEX.
