A dealer has just lately managed to make a considerable revenue of $59,000 in simply 11 hours from an preliminary funding of 1 Ethereum (ETH), valued at $2,500.
The dealer managed to do that by leveraging the MINER token primarily based on the ERC-404 token commonplace and utilizing strategic high-gas transactions.
The Dealer’s Technique
Lookonchain Analytics shared insights into their technique by a put up on X. The dealer started by withdrawing 1 ETH from the favored cryptocurrency alternate Binance and invested a mere 0.065 ETH ($163) to buy 1073 items of the ERC-404 token often called MINER.
Regardless of the low preliminary funding, the dealer strategically used 0.802 ETH ($2,010) in fuel charges to facilitate the transaction.
Beginning with just one $ETH($2,507), this good dealer made $59K in 11 hours!
His secret to making a living is shopping for and promoting the #ERC404 token $MINER utilizing excessive fuel!
He withdrew 1 $ETH ($2,507) from #Binance and efficiently spent 0.065 $ETH($163) to purchase 1073 $MINER at a really… pic.twitter.com/GQDiKupFee
— Lookonchain (@lookonchain) February 12, 2024
The dealer then promptly bought 722 MINER tokens for a return of 19.11 ETH, utilizing a further 0.5 ETH ($1,244) in fuel charges to facilitate the transaction.
At current, the dealer nonetheless retains 350 items of MINER tokens, valued at roughly $15,000. When mixed with the earnings from earlier transactions, the full earnings quantity to a complete of $59,000.
Dealer Nets $166K in 2 Days with DeFrogs
In the meantime, this isn’t the primary time a dealer has profited from leveraging a token primarily based on the brand new ERC-404 token commonplace. Simply final week, an unidentified investor pocketed over $166,000 inside two days utilizing the DeFrogs token.
In simply 2 days, this dealer made $166K with solely 0.26 $ETH($613)!
This dealer spent solely 0.08 $ETH($190) to purchase 100 #DEFROGS utilizing a excessive fuel of 0.178 $ETH($423), then bought 60 #DEFROGS for 27.8 $ETH ($67K).
He at present has 40 #DEFROGS($100K) left, the full revenue is ~166K! pic.twitter.com/g0VtlKoKGM
— Lookonchain (@lookonchain) February 8, 2024
The dealer initiated the transaction by investing 0.258 ETH ($613) to amass 100 DEFROGS tokens, for which they paid 0.08 ETH ($190). Subsequently, a transaction payment of 0.178 ETH ($423) was incurred.
As the worth of the token surged over the next days, the dealer capitalized on the momentum, promoting 60 DEFROGS for 27.8 ETH ($67,000). Notably, DEFROGS is a meme coin impressed by the PEPE crypto mission, which debuted on February 7, utilizing the revolutionary ERC-404 commonplace.
The success of those merchants reveals the rising prominence of the unofficial ERC-404 token commonplace throughout the cryptocurrency ecosystem.
This revolutionary commonplace merges the functionalities of ERC-721 and ERC-20, offering builders with a software to reinforce liquidity for his or her tasks. Consequently, tokens constructed on the ERC-404 commonplace are quickly gaining traction, fascinating the eye of crypto lovers worldwide.
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