A trader, who goes by the name of @RektProof, did well and by investing only US$ 500, he managed to reach US$ 200 thousand in just two months through “The Degen Challenge”, which began in July 2021.
The trader documented all your negotiations on your official Twitter account to prove your achievement.
“The Degen Challenge”, is not a formal competition, but kind of challenging and that is slang for high risk trading without due diligence and research. The term was coined on Reddit’s WallStreetBets forum, where just over a million traders call themselves “degenerate.”
500$ Start Balance
Price Action is kinda flat so gonna mix it up a bit and break or make this account within this thread.
Need a little bit of fun.
—RektProof. (@RektProof) July 8, 2021
The trader opened his initial $500 position with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Serum, and other altcoins. With Ethereum he made two long positions and gained 42% which he then invested in Axie Infinity (AXS).
At the end of month one, @RektProof was sitting on a profit of $12,000 and started to open long positions on Polygon (MATIC) and Internet Computer (ICP).
But the trader’s big leap was when he invested in long positions in Serum, the native cryptoactive of the decentralized exchange for Solana (SOL), which increased its earnings 100 times.
While market falls, trader profits
Although I have profited over 21,000% through his highly risky trades the trader has admitted that he would not recommend his high risk moves to third parties.
Today marks 2 months since I started this degen challenge.
500$ start balance into $148,110.58 – 29.522% – (295.22x)
Timing was everything with 46 longs and 3 shorts. Took a good hit earlier today but recovered.
—RektProof. (@RektProof) September 8, 2021
After his achievement, the trader said that he intends to continue trading in the cryptoactives market and indicates that the latest trends in cryptocurrencies such as Nyan Cats, Arbitrum, fractional NFTs, liquidity mining and yield farming are the preferred assets of degenerate traders, who like him, risk high on high risk opportunities.
He also made his guess about the recent fall in Bitcoin claiming that the ‘degenerates’ know how to understand this moment and then take advantage of it to profit from the moment.
“In the crypto market flash crash on September 7, 92% of long positions were liquidated. Futures and margin traders made bigger bets on their portfolios, borrowing capital from various exchanges. Historically, when longs are overleveraged, there are a correction in the Bitcoin price and tens of thousands of traders liquidate their positions. A degenerate trader capitalizes on the opportunity,” he said.
Specifically on Bitcoin he pointed out that investors can be unconcerned that the BTC is unlikely to reverse its bullish trend as long as it maintains the $29,000 level.
“If Bitcoin maintains a psychologically significant support level above $29,000, the uptrend will likely continue.”
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