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. The most proficient sniper managed to achieve a staggering gain of over a million dollars in under 40 minutes.
Crypto Snipers: Profiting from the SAVM Token Launch
Crypto snipers have successfully made significant profits from the recent launch of the satoshivm (SAVM) token, as detailed by Arkham Intelligence. 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 the launch of a new token and utilizing automated trading bots. According to market data from coingecko.com, SAVM was initially priced at $6.83 per unit and is currently trading between $9.48 and $14.13.
Arkham Intelligence stated, "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]." The report further added that the second-largest participant made an investment of $220,000, acquiring 450,000 SAVM tokens, resulting in slightly over $1 million in profits. Another sniper distributed their purchases among five different accounts and made a total investment of 90 ETH to secure 191,000 SAVM tokens, which were later sold for 618.4 ETH, equivalent to $1.5 million.
The Controversy Surrounding Crypto Sniping
There is ongoing debate surrounding the practice of crypto sniping, particularly regarding the use of sniper bots in trading. The employment of these bots is contentious, as it raises concerns about market integrity and potential manipulative practices. Sniper bots can provide unfair advantages in the market, leading to price distortions and disadvantaging individual traders who cannot match the bots' speed and effectiveness.
Supporters of sniping argue that it is a groundbreaking approach that involves unfamiliar risks for traditional traders. Bot trades may not always succeed, transactions can fail, and market responses can be unpredictable. It requires boldness, tactical skill, and sometimes significant investments for those utilizing sophisticated tools like sniper bots to gain 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 it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. There is no way to recover money that you have invested in precious metals. This includes any loss of investments from theft, fire, flood or other circumstances.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items have been around thousands of years and are irreplaceable. They are likely to fetch more today than the price you paid for them in their original form.
Choose a reputable company with competitive rates and quality products if you are looking to open an IRA. It's also wise to consider using a third-party custodian who will keep your assets safe while giving you access to them anytime.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
Can the government seize your gold?
You own your gold and therefore the government cannot seize it. It is yours because you worked hard for it. It belongs entirely to you. But, this rule is not universal. You can lose your gold if you have been convicted for fraud against the federal governments. Also, if you owe taxes to the IRS, you can lose your precious metals. You can keep your gold even if your taxes are not paid.
Is gold buying a good retirement option?
Buying gold as an investment may not seem very appealing at first glance, but when you consider how much people spend on average on gold per year worldwide, it becomes worth considering.
The best form of investing is physical bullion, which is the most widely used. There are many ways to invest your gold. Research all options carefully and make an informed decision about what you desire from your investments.
For example, purchasing shares of companies that extract gold or mining equipment might be a better option if you aren't looking for a safe place to store your wealth. 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 can include stocks of precious metals refiners and gold miners.
How much of your portfolio should you hold in precious metals
First, let's define precious metals to answer the question. Precious elements are those elements which have a high price relative to other commodities. This makes them extremely valuable for trading and investing. The most traded precious metal is gold.
However, many other types of precious metals exist, including silver and platinum. The price of gold tends to fluctuate but generally stays at a reasonably stable level during periods of economic turmoil. It is also relatively unaffected both by inflation and deflation.
As a general rule, the prices for all precious metals tend to increase with the overall market. However, the prices of precious metals do not always move in sync with one another. If the economy is struggling, the gold price tends to rise, while the prices for other precious metals tends to fall. This is because investors expect lower interest rates, making bonds less attractive investments.
The opposite effect happens when the economy is strong. Investors prefer safe assets such as Treasury Bonds and demand fewer precious metals. Because they are rare, they become more pricey and lose value.
Therefore, to maximize profits from investing in precious metals, you must diversify across multiple precious metals. Because precious metals prices are subject to fluctuations, it is best to invest across multiple precious metal types, rather than focusing on one.
What tax is gold subject in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. You don't have tax to pay when you buy or sell gold. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
As collateral for loans, gold is possible. When you borrow against your assets, lenders try to find the highest return possible. This usually involves selling your gold. There's no guarantee that the lender will do this. They may hold on to it. They may decide to resell it. Either way, you lose potential profit.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. If you don't plan to use it as collateral, it is better to let it be.
What Is a Precious Metal IRA?
A precious metal IRA allows for you to diversify your retirement savings in gold, silver, palladium and iridium. These are called “precious” metals because they're very hard to find and very valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
You can buy bullion through various channels, including online retailers, large coin dealers, and some grocery stores.
With a precious metal IRA, you invest in bullion directly rather than purchasing shares of stock. This allows you to receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, you only pay a small percentage on your gains. Additionally, you have access to your funds at no cost whenever you need them.
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Are You a Good Candidate for a Gold IRA
- What are the Options? Types, Spreads, Example, and Risk Metrics
How to Keep Physical Gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. This method is not without risks. There's no guarantee these companies will survive. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
Alternative options include buying physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. This option offers the advantages of being able to purchase gold at low prices and easy access (you don’t need to deal directly with stock exchanges). It's also easy to see how many gold you have. You will receive a receipt detailing exactly what you paid. You also have a lower chance of theft than stocks.
However, there are some disadvantages too. You won't be able to benefit from investment funds or interest rates offered by banks. Additionally, you won’t be able diversify your holdings. You will remain with the same items you bought. The taxman might also ask you questions about where your gold is located.
Visit BullionVault.com to find out more about gold buying in an IRA.
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