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?
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