Trader achieves $59k profit in hours by converting 1 ETH using innovative ERC-404 token
An unidentified trader saw a dramatic increase in their cryptocurrency earnings, turning 1 Ethereum (ETH) into nearly $60,000 in just a few hours. According to analysts at Lookonchain, this impressive feat was achieved through the use of the ERC-404 MINER token.
The trader began by withdrawing 1 ETH from the popular Binance cryptocurrency exchange. They then used 0.065 ETH ($163) to purchase MINER at a low price, using 0.802 ETH ($2010) in gas fees for the transaction. Later on, they sold 722 MINER tokens for 19.11 ETH, paying 0.5 ETH ($1244) in gas fees.
In just 11 hours, the trader managed to accumulate 350 MINER tokens, which were valued at approximately $15,000 at the time of the transaction. In total, they earned a staggering $59,000.
This is not the first time that traders have profited from the rapid growth of ERC-404 tokens. Just last week, another unidentified trader earned over $166,000 in just two days by purchasing the DeFrogs token. They spent 0.258 ETH ($613) to acquire 100 DEFROGS, paying a transaction fee of 0.178 ETH ($423). After a few days, during which the token’s price skyrocketed, they sold 60 DEFROGS for 27.8 ETH ($67,000).
However, the ERC-404 token market itself is currently experiencing a significant decline. In the past 24 hours, the sector’s market capitalization has dropped by 30% following its meteoric rise last week.
The ERC-404 standard combines the features of the ERC-20 and ERC-721 standards, resulting in tokens that are both fungible and unique. For instance, when purchasing a token of this new standard, such as PANDORA, the user receives a token as well as a unique non-fungible token (NFT). This additional feature adds value to the token, as the NFT may be rare or exceptionally valuable.
For more information, you can read the full article titled “New Ethereum standard ERC-404 gains steam, first token skyrockets 12,000% in days” or follow us on Google News.
