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Right here’s How This Dealer Turned 1 ETH into $59K in 11 Hours

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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.

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.

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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