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!
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?
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.
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?
Memecoins are making a buzz in the crypto market today, with bullish momentum sweeping across…
We've all seen the devastating pattern—meme coins surge overnight, luring in enthusiastic investors, only to…
It's been almost two weeks since Bitcoin hit an all-time high price. Meanwhile, the crypto…
Bitcoin continues to trade within a tight range, hovering above the $105,363.38 mark while struggling…
Dubai just gave Ripple’s new stablecoin a big win. The city’s financial regulator, the Dubai…
While the crypto market today has been ranging sideways, Ethereum has made decent moves both…
