Trader earns $225k from DizzyHavoc token despite absence of trading activity
An unidentified individual has reportedly made a substantial profit of 69.6 Ethereum (ETH), equivalent to $225,700, by trading an obscure token known as DizzyHavoc (DZHV). The incident caught the attention of analysts at Lookonchain.
The trader acquired 6.47 million DZHV tokens for 0.2 ETH on February 26, and then sold them for 69.8 ETH. The DZHV token was launched on January 29, but initially saw low trading volume. However, after the trader’s purchase, the token experienced a sudden 82% surge within just two days.
As of now, the price of DZHV stands at $0.06464, indicating a 16% decline in the past 24 hours, according to CoinMarketCap. The token has a daily trading volume estimated at $17.89 million. Currently, DZHV is only available for trade on the decentralized exchange (DEX) Uniswap, and CoinMarketCap has not yet verified the token.
The Lookonchain post regarding this transaction drew comments from users who speculated that either a developer or an insider associated with DZHV may have been involved in the trader’s activities, due to the ambiguity surrounding the transaction.
Additionally, the increasing instances of traders making significant profits from little-known tokens are capturing the attention of analysts. Just last week, another anonymous trader earned $176,000 by investing a mere $137, taking advantage of the hype surrounding the announcement of OpenAI’s generative neural network for videos, Sora.
In a similar vein, the meme coin frenzy has seen a trader rake in over $100,000 in profits from the newly listed token, DEFROG.
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