Lookonchain Report: Trader Transforms 1 ETH into $59,000 in Merely 11 Hours using the latest ERC-404 token

Lookonchain, a well-known platform for tracking on-chain activities, has brought attention to an extraordinary achievement by a skilled trader. This anonymous trader managed to turn a small investment of just 1 Ethereum (ETH) into an impressive $59,000 in just 11 hours, all thanks to the ERC-404 MINER token.

According to analysts at Lookonchain, this trader’s success story revolves around the ERC-404 token known as $MINER. The key to their profitability lies in the careful utilization of high-gas transactions.

The trader began by withdrawing 1 Ethereum, valued at $2,507, from the popular exchange platform Binance. They then strategically spent 0.065 Ethereum (approximately $163) to purchase a substantial amount of 1073 $MINER tokens.

To cover the gas fees, they used 0.802 Ethereum, worth $2,010. Capitalizing on the market trend, the trader sold 722 $MINER tokens and received 19.11 Ethereum in return. For this sale, they spent 0.5 Ethereum on gas, equivalent to $1,244.

Currently, the trader holds 350 $MINER tokens, which are valued at $15,000. Taking into account all these smart moves, the total profit amounts to a significant $59,000.

The rise of ERC-404 tokens enriching traders is not a new phenomenon. Just last week, coinpedia reported that an anonymous trader made a whopping $166,000 profit in just two days. They spent 0.258 ETH (equivalent to $613) to acquire DeFrogs tokens. They bought 100 DEFROGS for 0.08 ETH ($190) and paid a fee of 0.178 ETH ($423). After a few days, when the token’s price surged, they sold 60 DEFROGS for a handsome 27.8 ETH ($67,000).

However, there is a twist to the story. The overall market for ERC-404 tokens has experienced a 30% decrease in the last 24 hours after a significant surge last week.

The ERC-404 token presents an opportunity for investment. It combines two types of tokens, making them both fungible and unique. For example, when you acquire a token like PANDORA, you not only receive the regular token but also a unique non-fungible token (NFT). This additional NFT can be rare or highly valuable, adding more worth to the token.

This report highlights the potential for significant gains in the crypto market through strategic trading approaches.