Earn $60k in 11 hours: This crazy bet that a trader made with crypto

ERC-404 represents a key development in Ethereum tokens. It offers developers and investors the ability to create and market tokens that combine both the fungibility of ERC-20 and the uniqueness of ERC-721. This potential of the Ethereum crypto platform was exploited by a trader who managed to generate $59,000 using this method.

The clever use of a crypto method known in the Ethereum ecosystem

In the fast-paced world of crypto trading, where fortunes can be made or lost in the blink of an eye, a mysterious trader is making waves. Building on the innovative ERC-404 MINER token. This crypto user managed to turn a single Ether (ETH), the native asset of Ethereum, into a staggering $59,000. This, in just 11 hours.

The strategy behind this feat remarkable reveals the clever use of high gas fees in conjunction with the rapid buying and selling of the ERC-404 MINER token. The trader strategically timed his trades. This allowed him to maximize his profits and highlight the earning potential in the crypto market, despite its volatility.

Concretely, the process was as intriguing as it was profitable. After withdrawing 1 ETH from the Binance crypto exchange, the trader allocated a fraction of his assets, i.e. 0.065 ETH, to the acquisition of MINER, at an apparently modest price. However, it was the use of a substantial amount of gas fees (0.802 ETH) that allowed the holdings to explode.

Subsequently, the crypto trader sold part of his MINER holdings, amassing 350 tokens worth around $15,000. Which ultimately allowed him to reach the total amount of $59,000. This get-rich-quick story is certainly astonishing, but it is not unique.

Crypto Trader Turns 1 ETH into $59,000 by Mining ERC-404 MINER

One case among others?

Last week, another anonymous crypto trader made over $166,000 in profits in just two days. This time, by exploiting another token in the same way, in this case the DeFrogs token, currently booming. Successes that underline the immense potential of the Ethereum ecosystem in terms of performance.

However, the meteoric rise of ERC-404 tokens has not been without pitfalls. Because, despite the first increases in value, the segment is now experiencing significant slowdown, with the market capitalization having fallen by 30% over the last 24 hours. A situation that recalls the brutal volatility and risk inherent in crypto investments.

Despite everything, ERC-404 tokens arouse a certain attractiveness in the crypto world. The latter is due to the innovation they are driving by combining elements of the ERC-20 and the ERC-721. This ultimately makes it possible to obtain tokens that are both fungible and unique. This is particularly the case with the PANDORA token, for example.

The latter indeed allows Ethereum users to receive not only a tradable asset, but also a unique non-fungible token (NFT). This fusion of fungibility and scarcity adds an additional layer of value, potentially elevating these tokens beyond mere speculative instruments.

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