An unknown trader earns $166,000 from DEFROGS cryptocurrency
An unidentified trader made a profit of $166,000 in just two days from the rise of the DEFROGS cryptocurrency. According to analysts at Lookonchain, the trader bought 100 DEFROGS coins for 0.26 ETH and paid about $423 in gas fees. The trader then sold 60 DEFROGS for 27.8 ETH, equivalent to approximately $67,000. They still have 40 DEFROGS left, resulting in a total profit of $166,000.
Possible insider involvement in the profits
There is speculation that insiders may be responsible for these profits. Some suggest that developers of the project often benefit early when a new coin increases in value.
Rapid growth of DEFROGS token
The DEFROGS token has seen significant growth, rising by over 85% in the past 24 hours to reach a price of $2,930 at the time of writing.
About DEFROGS and its properties
DEFROGS is a meme coin based on the PEPE crypto project and was launched on February 7. It claims to be a token of the new ERC-404 standard, combining cryptocurrency and non-fungible token properties. The project initially issued 10,000 tokens.
Past success with PORK tokens
Prior to this, another unknown trader earned $3.3 million in three days from PORK tokens. They purchased 5 ETH worth of PORK and sold some for 329 ETH, while still holding onto a significant amount worth approximately $2.55 million in unrealized gains.
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