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An unknown trader turned 1 ethereum (eth) into almost $60,000 in a matter of hours.
According to Lookonchain analysts, an unknown trader made $59,000 with 1 eth in 11 hours thanks to the ERC-404 MINER token.
“Your secret to making money is to buy and sell MINER ERC-404 token using a lot of 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 ($2,010) gas, and then sold 722 MINER for 19.11 eth using 0.5 eth ( $1244) gas.
As a result, in 11 hours, the trader ended up with 350 MINER tokens worth around $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 made over $166,000 in two days by spending 0.258 eth ($613) to purchase 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 price of the token grew rapidly, the trader sold 60 DEFROGS for 27.8 eth ($67,000).
However, the ERC-404 token market itself is recording a significant drop. The market capitalization of the sector has fallen 30% in the last 24 hours, after 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, by purchasing a token of this new standard (PANDORA), the user receives one token and a unique non-fungible token (nft). This adds additional value to the token, as the nft may be rare or have exceptional value.
