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An unknown trader turned 1 Ethereum (ETH) into almost $60,000 in hours.
According to Lookonchain analysts, an unknown trader earned $59,000 from 1 ETH in 11 hours thanks to the ERC-404 MINER token.
“His secret to making money is buying and selling the ERC-404 token MINER using high gas!”
Lookonchain analysts
The trader first withdrew 1 ETH from the Binance cryptocurrency exchange and spent 0.065 ETH ($163) to buy MINER at a meager price using 0.802 ETH ($2010) of gas, later selling 722 MINER for 19.11 ETH using 0.5 ETH ($1244) of gas.
As a result, in 11 hours, the trader ended up with 350 MINER tokens worth about $15,000 at the time of the transaction. In total, the trader earned $59,000.
The rapid growth of ERC-404 standard tokens is not the first to enrich traders. Last week, an unknown trader earned over $166,000 in two days by spending 0.258 ETH ($613) to buy the DeFrogs token. For 100 DEFROGS, the trader paid 0.08 ETH ($190). The transaction fee was 0.178 ETH ($423). After a couple of days, during which the token’s price grew rapidly, the trader sold 60 DEFROGS for 27.8 ETH ($67,000).
However, the ERC-404 token market itself is recording a significant decline. The sector’s market capitalization has fallen 30% in the past 24 hours, following a meteoric rise last week.
The ERC404 standard combines the ERC-20 and ERC-721 standards, creating tokens that can be fungible and unique. For example, when purchasing a token of this new standard (PANDORA), the user receives a token and a unique non-fungible token (NFT). This adds additional value to the token since the NFT may be rare or of exceptional value.
