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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 12, 2024 10:27 UTC
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Trader Turns $2400 to $59,000 in 11 Hrs with New ERC-404 Token; Here’s How He Did It
Trader strategically invested in an ERC-404 token ($MINER) with precise timing and gas fee management.
While successful, the strategy involved high gas fees and a volatile market (ERC-404 tokens recently dropped 30%).
ERC-404 offer a blend of fungible and unique features like NFTs, attracting investment but carrying inherent risks.
The cryptocurrency world is fascinating and exciting. In the most recent development, a trader made waves by turning a modest investment of 1 Ethereum (ETH) into an impressive $59,000 in just 11 hours. Lookonchain, the on-chain tracking platform, highlighted this remarkable success story, all thanks to the ERC-404 MINER token.
Here are the juicy details you’re curious to explore!
Making a Fortune with Ethereum
According to the Lookonchain analysts, an unknown trader started by withdrawing 1 Ethereum (valued at $2,507) from Binance. Investing 0.065 Ethereum (about $163) strategically, they acquired 1073 $MINER tokens. Crucially, 0.802 Ethereum ($2,010) was earmarked to cover gas fees, laying the foundation for success.
Seizing the market momentum, the trader sold 722 $MINER tokens, fetching 19.11 Ethereum. Despite spending 0.5 Ethereum on gas (equivalent to $1,244), the trader emerged victorious. Currently holding 350 $MINER tokens (worth $15,000), the total profit stands at an impressive $59,000.
Read More: Bitcoin or Ethereum? Which Crypto Will Give Max Returns this Bull Run?
Rise and Fall of the ERC-404 Tokens
The rise of ERC-404 tokens is not the first to enrich traders. Just last week coinpedia reported that an anonymous trader made a big $166,000 profit in only two days. They spent 0.258 ETH (which is $613) to get DeFrogs tokens.
They bought 100 DEFROGS for 0.08 ETH ($190) and paid a fee of 0.178 ETH ($423). After a few days, when the price of the token went up fast, they sold 60 DEFROGS for a nice 27.8 ETH ($67,000).
But there’s a twist – the overall market for ERC-404 tokens is currently down by 30% in the last 24 hours after a big surge last week.
Inside ERC404
Delving into ERC404 tokens, they offer a unique blend of fungible and unique features. For example, acquiring a token like PANDORA not only grants the regular token but also a valuable non-fungible token (NFT), adding extra worth to the investment.
This trader struck gold, but are ERC-404 tokens right for you?
Read Now: ERC 404 Tokens Explode! Should You Invest in Them Now?
Yes 
No 
