Starting on July 30, one cryptocurrency trader managed a maneuver many involved with digital assets hope they’ll execute during their careers by multiplying an $875 investment into roughly $797,000 in profit.
Specifically, an anonymous actor identified as 0xd2abcef40a51c779c2a890dd40f041ab995ed3af on DeBank began purchasing MarsCoin (MARSCOIN) – not to be confused with Marscoin (MARS) – on the penultimate day of the month shortly before an explosive rally.
Indeed, the investor spent $875 to buy just under 27 million MARS on July 30 and then sold slightly more than half – 15.87 million – for $314,000 after the subsequent upsurge began. Together with the unrealized gains from the MarsCoin still held, the trader is up a total of $797,000.
MarsCoin cryptocurrency price performance
Meanwhile, the cryptocurrency’s history dates back only a handful of days – to July 28 – when its charts begin with prices close to $0.004. MarsCoin’s fortunes changed shortly thereafter as it, on the penultimate day of the month, started a rally that took it roughly 600% higher at its peak and to $0.034 by press time.
Simultaneously, the exact setup invites questions of whether the highly successful investor was an insider and makes it dubious that MARS will be able to repeat the upsurge given the lack of clear secondary drivers.
Though likely an ephemeral event, the MarsCoin rally and the associated trade came at a time of a resurgence for the cryptocurrency markets.
Why August could ignite activity across the cryptocurrency markets
Specifically, the U.S. Congress is set to vote on the CLARITY Act as soon as August 3. The sector has been waiting – and calling – for the legislation to pass for years, both to provide a degree of legal certainty to businesses and investors, and to end the SEC’s previous era of so-called ‘regulation by enforcement.’
Though the vote remains uncertain, it has already led to multiple prominent digital assets – XRP, Ethereum (ETH), and Bitcoin (BTC) being the most important –
to enjoy strong rallies after months of decline.
Additionally, it has led multiple analysts to set high price targets for key cryptocurrencies, with one expert going as far as to estimate BTC might soar above $600,000 in the next 24 months should the CLARITY Act pass before the Midterms.
Featured image via Shutterstock
