Twitter account with over 150,000 followers “Tree of Alpha” earned $1.1 million from trading Dogecoin on April 4. This memecoin rose sharply in price after Twitter changed its logo from a bird to a Shiba Inu dog. “I made $1.1 million (A$1.63m) in 30 minutes on a total $8 million position size”, he told the crypto news The Block.
It all started when Tree of Alpha saw someone in the Tree News Discord posted that they were seeing the DOGE icon as the Twitter logo. A minute later, the famous account DB also tweeted the new logo as well and at that point, Tree of Alpha started buying a large amount of Dogecoin. He bought DOGE 3 times with an average price of $0.0815: first $3M, then $2M and a final $3M.
Tree of Alpha sold all coins at $0.095 and made over $1M in profit. “This is actually my biggest trade of the year by far. Trading takes a lot of patience, but eventually, you will come across a handful of trades that you need to absolutely nail like this Doge one. Everything else is preparation for those”, he said.
Tree of Alpha decided to sell all his DOGEs within 30 minutes, as he suspected there might be a chance of a late April Fool’s joke by Elon Musk. He believes that Twitter will likely accept DOGE as a payment option: “It is a possibility, especially given how unpredictable Musk is”.
Tree of Alpha is a crypto KOL living in Western Europe who started trading cryptocurrencies in 2017. However, he only earned profit since March 2019, after he stopped drawing lines on charts and trading events.
DOGE price spiked 37% to $0.10 at dawn on April 4, right after Twitter’s blue bird logo was changed to a Shiba Inu dog – similar to the Dogecoin logo. As of now, this memecoin is trading at $0.09116.