On-chain analyst and whale tracker Nova spotted an average profitable trader who became a whale in five months. Said wallet 0x***************121F760e, which has “nailed” every trade since January, has a record of over 10,000% in profit earned.
Nova noted that the whale's success stemmed from good business strategies, not luck, as they handled every win and loss correctly.
From average trader to whale
According to Nova Twitter feed, the anonymous trader stands out from others because his profits are made. Calling the trader a “true alpha,” the crypto analyst praised them for reaching the position through performance and not other sources of income, just like most whales.
“There are a lot of whales on the market, but not all of them are necessarily good traders. A wealthy person can fill their wallet with crypto, revealing a huge balance but still be a terrible trader. People would expect alpha but get pissed off instead. Whale 0x743 has nothing to do with it. Even crazier is that he started like us this year,” Nova said.
A closer analysis of whale 0x743's activities shows that they hold no bags and do not make crazy purchases. Nova said the trader showed "discipline and good trading behavior" in moving on from his losses and not driving them "to oblivion".
A perfectly managed portfolio?
The current 0x743 whale wallet is worth around $578,345, relatively smaller than a few days ago, with most of the assets being moon bags from their previous trades. This is because the whale takes advantage of the wallet and fills it up when it makes new trades.
Nova found that in four days, the whale had made over $400,000 in profit from the $35,000 of RefundCoin (RFD) purchased over the weekend. Last month they also made hundreds of thousands of dollars from $10,000 Wojak (WOJAK).
During the Pepe memecoin craze, whale 0x743 made some six-figure profit moves from PEPE's $8,000 after nearly selling off the top. Thanks to the HODLing no bags strategy, the whale had a 3000% return on investment for the memecoin.
During this time, the trader never lost more than a few thousand dollars. Their biggest was $12,000 lost in a Ribbit (RIBBIT) trade.
It should be noted that dealing with memecoins could also turn out to be a rather unprofitable strategy for some, just like this example.