In recent developments, a trader has demonstrated a remarkable feat by accruing a significant profit of $59,000 within a mere 11-hour timeframe, starting from an initial investment of 1 Ethereum (ETH), valued at $2,500.
The key strategy employed by the trader involved the utilization of the MINER token, adhering to the ERC-404 token standard, along with strategic execution of high-gas transactions.
The Trader’s Methodology Insights into the trader’s approach were shared by Lookonchain Analytics via a post on X. The initial step involved withdrawing 1 ETH from the prominent cryptocurrency exchange, Binance, followed by an investment of 0.065 ETH ($163) to procure 1073 units of the ERC-404 token, MINER.
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
Despite the modest initial investment, the trader strategically allocated 0.802 ETH ($2,010) towards gas fees to facilitate the transaction.
Subsequently, the trader expeditiously sold 722 MINER tokens, yielding a return of 19.11 ETH, accompanied by an additional expenditure of 0.5 ETH ($1,244) in gas fees for transaction facilitation.
As of the current period, the trader retains 350 units of MINER tokens, valued at approximately $15,000. Cumulatively, including profits from preceding transactions, the total earnings amount to $59,000.
Trader Profitts $166K in 48 Hours with DeFrogs
This instance is not the sole occurrence wherein a trader has garnered substantial returns through the exploitation of tokens founded upon the novel ERC-404 token standard. Recent records indicate an unidentified investor accumulating over $166,000 within a 48-hour period through the DeFrogs token.
The initiation of the transaction involved an investment of 0.258 ETH ($613) to acquire 100 DEFROGS tokens, incurring a payment of 0.08 ETH ($190). Subsequently, a transaction fee of 0.178 ETH ($423) was applied.
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
Capitalizing on the escalating value of the token in subsequent days, the trader leveraged the momentum, selling 60 DEFROGS for 27.8 ETH ($67,000). Notably, DEFROGS, a meme coin inspired by the PEPE crypto project, made its debut on February 7, adhering to the innovative ERC-404 standard.
The triumph of these traders underscores the burgeoning prominence of the unofficial ERC-404 token standard within the cryptocurrency domain.
This pioneering standard amalgamates the functionalities of ERC-721 and ERC-20, furnishing developers with a potent instrument to augment liquidity for their projects. Consequently, tokens rooted in the ERC-404 standard are swiftly gaining traction, captivating the interest of cryptocurrency enthusiasts on a global scale.
