- Once again, a trader has seized the opportunity to make a profit by turning 1 Ethereum (ETH) into $59K in just 11 hours leveraging MINER token.
A trader has recently managed to make a substantial profit of $59,000 in just 11 hours from an initial investment of 1 Ethereum (ETH), valued at $2,500.
The trader managed to do this by leveraging the MINER token based on the ERC-404 token standard and using strategic high-gas transactions.
The Trader’s Strategy
Lookonchain Analytics shared insights into their strategy through a post on X.
Starting with only 1 $ETH($2,507), this smart trader made $59K in 11 hours!
His secret to making money is buying and selling the #ERC404 token $MINER using high gas!
He withdrew 1 $ETH ($2,507) from #Binance and successfully spent 0.065 $ETH($163) to buy 1073 $MINER at a very… pic.twitter.com/GQDiKupFee
— Lookonchain (@lookonchain) February 12, 2024
The trader began by withdrawing 1 ETH from the popular cryptocurrency exchange Binance and invested a mere 0.065 ETH ($163) to purchase 1073 units of the ERC-404 token known as MINER.
Despite the low initial investment, the trader strategically used 0.802 ETH ($2,010) in gas fees to facilitate the transaction.
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The trader then promptly sold 722 MINER tokens for a return of 19.11 ETH, using an additional 0.5 ETH ($1,244) in gas fees to facilitate the transaction.
At present, the trader still retains 350 units of MINER tokens, valued at approximately $15,000.
When combined with the profits from previous transactions, the total earnings amount to a total of $59,000.
Trader Nets $166K In 2 Days With DeFrogs Token
Meanwhile, this isn’t the first time a trader has profited from leveraging a token based on the new ERC-404 token standard.
Just last week, an unidentified investor pocketed over $166,000 within two days using the DeFrogs token.
In just 2 days, this trader made $166K with only 0.26 $ETH($613)!
This trader spent only 0.08 $ETH($190) to buy 100 #DEFROGS using a high gas of 0.178 $ETH($423), then sold 60 #DEFROGS for 27.8 $ETH ($67K).
He currently has 40 #DEFROGS($100K) left, the total profit is ~166K! pic.twitter.com/g0VtlKoKGM
— Lookonchain (@lookonchain) February 8, 2024
The trader initiated the transaction by investing 0.258 ETH ($613) to acquire 100 DEFROGS tokens, for which they paid 0.08 ETH ($190). Subsequently, a transaction fee of 0.178 ETH ($423) was incurred.
As the value of the token surged over the following days, the trader capitalized on the momentum, selling 60 DEFROGS for 27.8 ETH ($67,000).
Notably, DEFROGS is a meme coin inspired by the PEPE crypto project, which debuted on February 7, using the innovative ERC-404 standard.
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The success of these traders shows the growing prominence of the unofficial ERC-404 token standard within the cryptocurrency ecosystem.
This innovative standard merges the functionalities of ERC-721 and ERC-20, providing developers with a tool to enhance liquidity for their projects.
As a result, tokens built on the ERC-404 standard are rapidly gaining traction, captivating the attention of crypto enthusiasts worldwide.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
#Binance #WRITE2EARN
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.