Trader Turns $5,100 into Nearly $700,000 in Two Days with Little-Known Cryptocurrency 😮
A cryptocurrency trader successfully transformed $5,100 into almost $700,000 within a mere two days by trading a relatively obscure cryptocurrency linked to a platform for token launches often referred to as Ethereum’s equivalent to Pump.fun.
Lookonchain, an on-chain analysis service, disclosed that a trader under the name frenulum.eth achieved a remarkable 134x return on investment with $VISTA. The trader initially spent 2.05 ETH, equivalent to slightly over $5,000, to acquire 52,822 VISTA tokens.
- The trader watched as the value of the tokens sharply increased in just two days.
- Subsequently, they sold the tokens for 276.5 ETH, which is valued at nearly $700,000.
Ethervista Launches VISTA Token to Combat Rug Pulling Scams 😲
The VISTA token, introduced by Ethervista, an innovative token launch platform, aims to counter rug pulling scams by locking the creator’s liquidity for a specified period of five days. Rug pulling involves malicious actors withdrawing liquidity from decentralized finance platforms shortly after token launches, thereby leaving other investors holding illiquid assets.
- Insiders often hold a substantial portion of the total token supply.
- This practice is prevalent in projects seeking funding through token launches.
In a related incident, a different trader made roughly $300,000 in a month by shorting MakerDAO’s MKR token. The trader borrowed 500 MKR from the popular decentralized finance (DeFi) protocol Aave on July 19, subsequently selling the tokens for $1.37 million.
Following this, the trader utilized slightly over $1.07 million in USDC, a stablecoin, to repurchase the MKR required to settle their debt at a reduced price. This effectively closed their short position on the cryptocurrency.
Closing Hot Take 🚀
A cryptocurrency trader’s success story serves as a potent reminder of the flourishing opportunities within the crypto space. Consider researching and exploring various cryptocurrencies and platforms to potentially achieve remarkable returns on your investments. Stay informed, stay proactive, and keep an eye out for emerging trends to capitalize on exciting prospects in the crypto market!
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