A cryptocurrency trader has been making the rounds on social media after making over $6 million in profits on the ethereum blockchain. it is incredible trade took place in less than a day, resulting in an increase of almost 600% for the whale trade. So how did they do this?
crypto Trader Earns $6.7 Million in 3 Hours
According to Lookonchain, an on-chain data tracker, a single wallet has made almost $7 million with a particularly hyped launch in the last day. The project, Satoshi VM, which is a Layer 2 network for the bitcoin blockchain, was launched on Thursday amid much fanfare as it was promoted by some notable influencers in the space.
One wallet, in particular, took advantage of this hyped release and paid a premium fee to attack the release. As Lookonchain reports, the trader paid a bribe fee of 141.66 eth (around $140,000) to anticipate the contract's wallet drop.
By paying this “bribe”, his transaction was able to get ahead of the others, and the cryptocurrency trader acquired 2.61 SAVM tokens for 277.66 eth. Together with the premium fee paid to miners, this puts the cryptocurrency trader's total cost at approximately $700,000. This would prove to be a good move as the price of the ethereum-based token would rise in the coming hours.
In the space of three hours, the trader's total SAVM stock grew to a value of over $6.7 million, giving the trader over $6 million in profits in three hours. The trader would sell 2.16 million SAVM tokens for $4.38 million initially, making a profit of $3.6 million on this transaction.
However, at the time of writing, the trader dumped all of his SAVM holdings, bringing the balance to less than 0 and making a profit of over $6 million in less than a day.
ethereum-based SAVM makes a splash
The launch of the Satoshi VM (SAVM) token took the crypto community by surprise, rapidly increasing its IDO price. This can be attributed to a coordinated push by large influencers such as MacnBTC, with over 450,000 followers, and crypto Kaduna, with over 128,000 followers on X (formerly Twitter).
The IDO was oversubscribed as 47,000 participants registered, and only a small percentage of people entered. For those who got in, profits have increased as influencers continue to drive the coin, crossing the $100 million market cap mark in a matter of hours. .
At the time of writing, the ethereum-based token had reached a high of $14.8, with a market cap of over $150 million. At this price, IDO participants recorded a return on investment of more than 250 times. However, the price has since retreated to $11.6, putting the market capitalization at $120 million at the time of writing.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Crypto-Trader-Makes-67-Million-in-3-Hours-with-Ethereum" alt="ethereum Price Chart from Tradingview.com (crypto Trader SAVM)” width=”3266″ height=”1530″/>
eth price drops below $2,500 | Source: ETHUSD on Tradingview.com
Featured image by Storyblocks, chart by Tradingview.com
