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Abstract

received the Avax (checked balance on the Core app), I swapped the Avax to the 3 assets I wanted. I spent about $18 on each of the 3 transactions! This is a very high gas fee, but I took the hit. Remember this was at the time of the Crypto market heating up, and Bitcoin spot ETFs were still 3 weeks away. Eventually, I got$ 65 worth of my first meme coin, Coq Inu (funny name, and they don’t pretend to be anything serious, it is a meme coin just for fun). $57 worth of Vector (VTX, a DeFi — decentralized finance play) and$ 39 worth of Colony (CLY, another DeFi token; yes, I am bullish on DeFi).</p><p id="1fd3">Step 4: Wait (and watch)</p><p id="a3f7">I kept checking Core App maybe once a day to see how my assets were doing. I was pretty disappointed at one point when the total value of all of this fell and was worth only $139. I thought it was just another instance of me entering late. But eventually, the Bitcoin mania overflowed into alts and memes.</p><p id="8c09">In the last 2 days, Coq Inu went on a parabolic run, and that’s when I thought to\dots.</p><p id="891d">Step 5: Take profit</p><p id="1777">The coq inu in my portfolio was worth$ 326. I thought of leaving $100 worth of Coq Inu in case it goes further up. I swapped half of it to Avax, and the rest to USD. I first tried with USDC, but the transaction didn’t execute, so I swapped to USDT.</p><figure id="5525"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*JBCiFXl1WzFCNeaY3Qqesw.png"><figcaption>After the “sale”</figcaption></figure><p id="4e78">Since Bitcoin has just about hit the previous all-time high, I believe there is room for crypto to grow more before

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we hit the overall peak. That’s why in the beginning of the article I mentioned that it may not be over yet. This has given me confidence and I will dabble into more meme coins, as always, only with small amounts.</p><p id="8330">There is always a risk in these things, and most of these crypto runs happen only in a bull market. So please don’t try this in a period of dull markets. Also, I am sure I will have to pay some tax on these profits, and I will. Last time I used (affiliate link ahead) <a href="https://coinledger.io?fpr=hr19l">Coinledger</a> to determine how much tax I owed.</p><p id="a0cf">So this is how I made a 3x and took a profit for the first time on a crypto transaction outside of my tax-sheltered accounts. If you would like me to share more about how I made profits on registered accounts, please do leave a comment or two. I will surely share more practical methods. I would appreciate any feedback on this article, even if you think this was very technical or not well explained. Happy hustling.</p><div id="b9cc" class="link-block"> <a href="https://sidehustleclub.substack.com/embed"> <div> <div> <h2>Sign up for the Side Hustle Club newsletter </h2> <div><h3>Read more stories like this by subscribing to our FREE weekly newsletter!</h3></div> <div><p>sidehustleclub.substack.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*3hbT4eEypJ5RuLe2)"></div> </div> </div> </a> </div></article></body>

How I turned 83$ to 226$ in 84 days

The best part is, that it doesn’t end here.

Snapshot of my “after” portfolio on the core app

The usual disclaimers apply. This is not financial advice, and I don’t intend it to be a shill. This worked for me after some trial and error and a lot of patience. It can still all go to zero. “Results may vary”.

My overall portfolio on Avax went from $216 to $377 in those 84 days. In this article, I will simply mention what worked and how I went about it.

I have been involved in cryptocurrencies since 2021. They are a mind-blowing volatile asset class with the potential to go completely zero or completely parabolic. After 3 years of mind-numbing research and experiments, today I finally got a fantastic result for the first time.

Step 1: Research

I found that it is better to buy a low-liquidity asset by swapping Avax on a Dex (Decentralized exchange) than buying these different assets on different exchanges. I narrowed down which exchange to use, the wallet as Core App (chrome extension) and the Dex as Trader Joe.

Step 2: Buy

On December 16th, 2023, I bought about $216 of Avax from a crypto exchange and transferred it to an Avax wallet on the Core app. Of course, I did a test transaction of a small amount first to check if everything was working.

Step 3: Swap

As soon as I received the Avax (checked balance on the Core app), I swapped the Avax to the 3 assets I wanted. I spent about $18 on each of the 3 transactions! This is a very high gas fee, but I took the hit. Remember this was at the time of the Crypto market heating up, and Bitcoin spot ETFs were still 3 weeks away. Eventually, I got $65 worth of my first meme coin, Coq Inu (funny name, and they don’t pretend to be anything serious, it is a meme coin just for fun). $57 worth of Vector (VTX, a DeFi — decentralized finance play) and $39 worth of Colony (CLY, another DeFi token; yes, I am bullish on DeFi).

Step 4: Wait (and watch)

I kept checking Core App maybe once a day to see how my assets were doing. I was pretty disappointed at one point when the total value of all of this fell and was worth only $139. I thought it was just another instance of me entering late. But eventually, the Bitcoin mania overflowed into alts and memes.

In the last 2 days, Coq Inu went on a parabolic run, and that’s when I thought to….

Step 5: Take profit

The coq inu in my portfolio was worth $326. I thought of leaving $100 worth of Coq Inu in case it goes further up. I swapped half of it to Avax, and the rest to USD. I first tried with USDC, but the transaction didn’t execute, so I swapped to USDT.

Since Bitcoin has just about hit the previous all-time high, I believe there is room for crypto to grow more before we hit the overall peak. That’s why in the beginning of the article I mentioned that it may not be over yet. This has given me confidence and I will dabble into more meme coins, as always, only with small amounts.

There is always a risk in these things, and most of these crypto runs happen only in a bull market. So please don’t try this in a period of dull markets. Also, I am sure I will have to pay some tax on these profits, and I will. Last time I used (affiliate link ahead) Coinledger to determine how much tax I owed.

So this is how I made a 3x and took a profit for the first time on a crypto transaction outside of my tax-sheltered accounts. If you would like me to share more about how I made profits on registered accounts, please do leave a comment or two. I will surely share more practical methods. I would appreciate any feedback on this article, even if you think this was very technical or not well explained. Happy hustling.