Here’s How One Trader Turned 1 ETH into $59K: Once again, a trader has found a smart way to make money using a cryptocurrency built on the ERC-404 token standard.
Recently, a trader made a significant profit of ,000 in just 11 hours. They started with 1 Ethereum (ETH), which is worth ,500. The trick was to use the MINER token based on the ERC-404 standard and make strategic transactions with high gas fees. More info about Here’s How One Trader Turned 1 ETH into $59K in Just 11 Hours!
Here’s How One Trader Turned 1 ETH into $59K
Let’s Break Down the Trader’s Plan
Lookonchain Analytics shared details about the trader’s strategy on X. First, the trader withdrew 1 ETH from the popular exchange Binance. Then, they invested a small amount of 0.065 ETH (3) to buy 1073 units of the ERC-404 token called MINER.
Even though the initial investment was low, the trader smartly used 0.802 ETH (,010) in gas fees for the transaction. After that, the trader sold 722 MINER tokens and got back 19.11 ETH, using an additional 0.5 ETH (,244) in gas fees. More info about Here’s How One Trader Turned 1 ETH into $59K in Just 11 Hours!
Starting with only 1 $ETH($2,507), this smart trader made $59K in 11 hours!
— Lookonchain (@lookonchain) February 12, 2024
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
Currently, the trader still has 350 MINER tokens, valued at about ,000. When you add up all the profits from previous transactions, it totals an impressive ,000.
Trader Makes 6K in 2 Days with DeFrogs
This isn’t the first time a trader has made good money by using a token based on the new ERC-404 standard. Just last week, another trader made over 6,000 in two days with the DeFrogs token. More info about Here’s How One Trader Turned 1 ETH into $59K in Just 11 Hours!
In just 2 days, this trader made $166K with only 0.26 $ETH($613)!
— Lookonchain (@lookonchain) February 8, 2024
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
The trader started by investing 0.258 ETH (3) to get 100 DEFROGS tokens, which cost them 0.08 ETH (0). Then, there was a transaction fee of 0.178 ETH (3).
As the value of the token went up over the next few days, the trader sold 60 DEFROGS for 27.8 ETH (,000). Interestingly, DEFROGS is a meme coin inspired by the PEPE crypto project and started on February 7, using the innovative ERC-404 standard.
These success stories show that the unofficial ERC-404 token standard is becoming more popular in the cryptocurrency world.
This new standard combines features from ERC-721 and ERC-20, giving developers a tool to make their projects more liquid. As a result, tokens built on the ERC-404 standard are gaining attention from crypto enthusiasts worldwide.
