Lookonchain Report: Trader Turns 1 ETH into $59,000 in Just 11 Hours with new ERC-404 token

The post Lookonchain Report: Trader Turns 1 ETH into $59,000 in Just 11 Hours with new ERC-404 token appeared first on Coinpedia Fintech News

Lookonchain, a prominent on-chain tracking platform, brought attention to the remarkable success of a savvy trader. This unknown trader who smartly turned out a mere investment of just 1 Ethereum (ETH), into an impressive $59,000 in just 11 hours, thanks to the ERC-404 MINER token.

Turns 1 ETH into $59,000

According to the Lookonchain analysts, an unknown trader earned $59,000 from 1 ETH in 11 hours. The trader’s success story revolves around the ERC404 token known as $MINER. The key to his profitability lies in the careful utilization of high-gas transactions.

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

In simpler terms, the purchase was made possible by using 0.802 Ethereum, which is worth $2,010, to cover the gas fees.

Capitalizing on the market trend, the trader sold 722 $MINER tokens and got 19.11 Ethereum in return. For this sale, they spent 0.5 Ethereum on gas, which is like $1,244.

Currently, the trader has 350 $MINER tokens, and these are worth $15,000. So, the total profit from all these smart moves is a big $59,000.

ERC-404 Token Meteoric Rise

The rise of ERC-404 tokens is not the first to enrich traders. Just last week coinpedia reported that an anonymous trader made a big $166,000 profit in only two days. They spent 0.258 ETH (which is $613) to get 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 price of the token went up fast, they sold 60 DEFROGS for a nice 27.8 ETH ($67,000).

But there’s a twist – the overall market for ERC-404 tokens is currently down by 30% in the last 24 hours after a big surge last week.

ERC 404 Tokens – Opportunity to Invest

The ERC404 standard combines two types of tokens, making them both fungible and unique. For instance, when you get a token like PANDORA, you not only get the regular token but also a unique non-fungible token (NFT). This extra NFT can be rare or very valuable, adding more worth to the token.

Meanwhile, this report sheds light on the potential for significant gains within the crypto market when leveraging strategic trading approaches.