- Pseudonymous dealer on crypto Twitter publicly reported his journey to just about 21,000% positive aspects in a Twitter thread.
- The dealer alternated between high cryptocurrencies and altcoins, reserving earnings alongside the best way.
- Litecoin, Bitcoin and Serum triggered 102.8% appreciation within the dealer’s portfolio.
A dealer on crypto Twitter turned six-digit earnings in “The Degen Problem” that he began in July 2021.
21,000% positive aspects inside two months, RektProof books huge positive aspects
Pseudonymous dealer @RektProof began a thread on crypto Twitter and documented each commerce, from the time when the account stability was $500, to reaching over $214,000.
The dealer refers to “The Degen Problem,” slang for high-risk buying and selling with out due diligence and analysis. The time period was coined in The WallStreetBets discussion board on Reddit, the place simply over one million merchants referred to themselves as “degenerates.”
Twitter is flooded with merchants turning three-digit earnings by the acquisition and sale of NFTs. @RektProof, nevertheless, opened positions in Bitcoin, Ethereum, Litecoin, Serum and different altcoins in high-risk trades.
The dealer kicked off the problem with an extended Ethereum commerce. With two lengthy positions inside one week, @RektProof earned 42% in unrealized positive aspects. The play-to-earn gaming token Axie Infinity (AXS) was subsequent on his record of longs.
By the tip of month one, @RektProof was sitting on an extra of $12,000 in earnings, 40 instances positive aspects floating on the account and open lengthy positions in Polygon (MATIC) and Web Pc (ICP).
Degen Account Replace:
Began the account out with an L risking 20% and slicing it for -5% acc hit.
At present lengthy on ETH off the each day open and in search of the LTF FVG Fill.
As talked about; excessive danger.
Will log the trades as soon as they shut and replace.
— RektProof. (@RektProof) July 9, 2021
Essentially the most vital commerce was an extended place on Serum, the native asset of the decentralized alternate on Solana, which pushed @RektProof’s portfolio positive aspects to 3 digits, 100 instances.
The dealer admitted that he wouldn’t advocate his high-risk strikes to others. He booked over 21,000% in earnings inside greater than sixty days.
The newest traits in cryptocurrencies like Nyan Cats on Arbitrum fractionalized NFTs, liquidity mining, and yield farming have fueled the narrative of reserving huge positive aspects by “degen buying and selling.”
Within the crypto market flash crash on September 7, 92% of lengthy positions have been liquidated. Futures and margin merchants made larger bets on their portfolios, borrowing capital from a number of exchanges. Traditionally, when longs are overleveraged, there’s a correction in Bitcoin worth, and tens of 1000’s of merchants are liquidated out of their positions.
A “degenerate dealer” would then capitalize on the chance of accumulating crypto property by a dip forward of restoration.
Strong September to this point on my private account.
21R+ inside 10 days into the month with ALGO hitting it huge.
Been aggressive with taking earnings early on so the capitulation wick did not hurt me a lot.
— RektProof. (@RektProof) September 10, 2021
In his current Bitcoin worth evaluation, @RektCapital, a cryptocurrency dealer and analyst has identified that BTC has developed a Golden Cross sample.
Transferring averages are thought-about predictors of Golden Cross, a sample by which a comparatively short-term transferring common crosses above a long-term transferring common. Thought of a long-term indicator, they point out a bull market when accompanied by excessive buying and selling volumes.
@RektCapital factors out that there are false crosses within the ongoing rally, and that the newest Golden Cross could also be invalidated sooner or later.
If Bitcoin holds above $29,000 psychologically important assist stage, the bullish uptrend is prone to maintain.