An Unknown Trader Turns 1 Ethereum into Almost $60,000 in Hours
An unknown trader managed to make nearly $60,000 in just 11 hours by trading 1 Ethereum (ETH) using the ERC-404 MINER token. According to Lookonchain analysts, the trader’s secret was buying and selling the MINER token with high gas fees.
The Profitable Trades
The trader started by withdrawing 1 ETH from Binance and used 0.065 ETH ($163) to purchase MINER at a low price. They then spent 0.802 ETH ($2010) on gas fees. Later, the trader sold 722 MINER tokens for 19.11 ETH and paid 0.5 ETH ($1244) for gas fees.
After just 11 hours, the trader ended up with 350 MINER tokens worth around $15,000 at the time. In total, they made $59,000 from this trading strategy.
Another Lucrative Trade
This is not the first time an unknown trader has profited from ERC-404 tokens. Last week, someone earned over $166,000 in two days by purchasing the DeFrogs token. They spent 0.258 ETH ($613) to buy 100 DEFROGS and sold 60 of them for 27.8 ETH ($67,000) after a rapid increase in price.
A Decline in the ERC-404 Token Market
Despite these success stories, the ERC-404 token market is currently experiencing a significant decline. The sector’s market capitalization has dropped by 30% in the last 24 hours following a previous surge.
The ERC404 Standard and Added Value
The ERC404 standard combines the fungible ERC-20 and unique ERC-721 standards, creating tokens that have both fungible and non-fungible characteristics. For example, when purchasing a token like PANDORA, users receive both a token and a unique non-fungible token (NFT), which can add additional value to the overall investment.
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