Ever since Probit listed Blurt in their exchange, I've always wondered whether the price of the token will always be in-tuned with both exchanges. Well, most of the time they aligned with each other which is fine.
Today, while I was comparing the price of Blurt at Probit & Ionomy. I noticed a strange activity that's happening between these exchanges. The price of the token is pumping & dumping subsequently on both exchanges. I didn't really follow the movement of the prices between the exchanges but it appears it started in Ionomy.
It was yesterday when I started selling some (10k) Blurt tokens at prices of 44-47 Sats range. I only made this move knowing that I can buy it back from Probit at a lower price. By the time I sold my tokens, the buy orders in Probit is ranging from 35-42 Sats price range. The difference is about 10-20% and there's a sure shot of exit with profit.
Even though I successfully sold my Blurt tokens in Ionomy I was faced with the challenge to bring it over to Probit. Te BTC transaction fees will easily eat up my profit if I do a direct transfer. The only way for me to do it fast is to buy Hive tokens for a market price which is around 680 Sats (30 Sats higher compared to the price in Probit). Anyway, I may have lost a portion of the profit by doing so however, it's the cheaper & faster way for me to move tokens from & to exchanges.
Ionomy Blurt to BTC trade
Ionomy BTC to Hive trade
From Ionomy, I sent my Hive to Probit to sell it again for BTC at a lower price of 649-653 price range. It's crazy to think that I'm doing the opposite of "buy low, sell high" for this Hive-BTC trade. Anyway, what I'm looking at is the difference in the price of Blurt for both exchanges. What happens in between is something to be ignored for as long as I can make a profitable exit.
I felt confident that I'm doing the right thing since it's expected that there are some Blurt accounts that are constantly dumping their tokens and it's something that I've been trying to catch as soon as I see them. Luckily, I did it today...
As a result, I earned about 1150 Blurt tokens from my initial 10k tokens. And after this, the price of Blurt in Probit & Ionomy has aligned once again in which I don't see any opportunity anymore. And with that, I called it a day.
After the rigorous process, I got $8 worth of Blurt tokens (1150 tokens)! I withdrew the initial amount of tokens back to my Blurt wallet and send my profit to my Hive wallet. I'm thinking of investing it to a profit yielding token like LBI (Leo Backed Investments)and let it grow steadily in value (passively). Or I could use it to make another round of trades and circle around Ionomy & Probit (actively). Both sounds good to me :)