One trader managed to make a profit of over 4000% in less than three weeks as part of the Global Chain of Trading (WSOT), a competition organized by the Bybit leveraged cryptocurrency exchange.
With his name on Twitter to compete, SalsaTekila appears in the WSOT Troop Rankings and is promoting his team with a profit of 4,495.95%. The trader started competitive trading with only 0.19 Bitcoin (BTC) but managed to turn that into around 8.76 BTC over the course of the competition.
The merchant hopped on Tone Vays’ YouTube channel August 25 to talk about the competition. His strategy mainly revolves around short-term trading, which is known as scalping. He also indicated that he used a riskier money management strategy in the early days of the competition, given the speed with which he had to turn a profit.
Bybit kicked off the first WSOT on August 10 with two main classes – Team BTC, also known as Troop BTC, and Individual USDT. On the troop side, the category in which SalsaTekila competes, the traders gathered a group of team members who, along with their peers, competed for the best average P&L by opening permanent bitcoin swap contracts for US dollars Bybit they acted. There are also awards for the best individual income statement and earnings for all Troop Traders.
Team SalsaTekila, Jalapeno is currently number one with SalsaTekila achieving the best income statement. A team named W.T.C ranked second in go-to press time. Trader under the banner of junki84 leads his team and announces an impressive additional profit of 3591.56%. From 0.30 BTC, junki84 has made its way up to 11.206 BTC since the start of the competition. SalsaTekila tweeted about the competition, often referring to its rivalry with junki84 as retailers vie for first place in the three categories.
The competition, which ends on August 31, includes 135 teams with a total of 10,240 merchants.
Cointelegraph contacted SalsaTekila for comment and it will be updated when we receive a response.