Ethereum

Enigma

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 <p>Cryptocurrencies frequently witness remarkable stories of traders transforming modest investments into substantial fortunes. In a recent noteworthy instance, a trader accomplished the extraordinary feat of accumulating half a million dollars from a mere 0.34 Ethereum tokens. This was done within an astonishing eight-hour timeframe. The specifics of this highly profitable venture were disclosed by Lookonchain, an on-chain tracker, creating a buzz in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> community.</p>
 <p>Lookonchain’s recent statement highlighted the exceptional success of a trader who, armed with only $878 worth of Ethereum, orchestrated a sequence of transactions resulting in an impressive windfall of $550,000. The rapid and strategic execution of these trades led Lookonchain to characterize the trader as someone possessing privileged inside knowledge. It further generated curiosity within the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> community.</p>
 <h4 class="wp-block-heading" id="h-insight-into-the-transactions">Insight into the Transactions</h4>
 <p>The disclosed details indicated that the trader, identified as an insider, acquired a substantial 80 million FERRET meme tokens using five newly created wallets. These acquisitions were executed immediately after FERRET became available for trading on Jan. 16 at 08:45:47 PM +UTC. Within a few hours, the trader commenced selling the accumulated FERRET tokens in different batches, yielding substantial profits.</p>
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 <p>In the initial batch, more than 315k FERRET tokens were exchanged in four transactions, resulting in a profit of $8,850. Shortly thereafter, the trader unloaded additional tokens, ultimately selling 11.8 million FERRET for 21 ETH, equivalent to $54,000. Despite these transactions, Lookonchain reported that the trader retained over 68.2 million FERRET tokens. This was valued at approximately $495,000 based on FERRET’s trading price.</p>
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    <p lang="en" dir="ltr">In less than 8 hours, an insider made ~$550K with only 0.34 $ETH ($878)!😱<br><br>This insider spent 0.34 $ETH($878) to buy 80M $FERRET with 5 new wallets within one second of $FERRET opening trading.<br><br>Then sold 11.8M $FERRET for 21 $ETH($54K).<br><br>He currently holds 68.2M $FERRET, which… pic.twitter.com/Px2yPIbGyL</p>— Lookonchain (@lookonchain) January 17, 2024
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 <p><strong>Also Read: 3 Ethereum (ETH) Alternatives Under $5 Poised for 2024 Breakouts</strong></p>
 <h4 class="wp-block-heading" id="h-the-enigma-surrounding-the-trader">The Enigma Surrounding the Trader</h4>
 <p>Further scrutiny into the trader’s identity uncovered a potential connection between the insider and the creator of the FERRET meme token. Lookonchain discovered evidence that both parties transferred FERRET tokens to an identical wallet address. This revelation has led to speculation that the trader might indeed be the developer behind the meme coin. This adds a layer of mystery to the lucrative venture.</p>
 <h4 class="wp-block-heading" id="h-similar-incidents-in-the-crypto-space">Similar Incidents in the Crypto Space</h4>
 <p>The scenario of turning a modest investment into substantial gains through meme coins is not entirely unprecedented within the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> space. Similar instances have been observed, with traders capitalizing on the burgeoning trend of meme coins. Notably, suspicions arise as these occurrences often seem impeccably timed. They further prompt questions about whether the involved traders are closely associated with the development of the meme coins.</p>
 <p><strong>Also Read: Ethereum: BlackRock CEO Larry Fink Sees Value in ETH ETF</strong></p>
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 <p>The narrative of a trader turning 0.34 ETH into half a million dollars in just eight hours contributes another intriguing chapter to the captivating stories of success in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> realm. The suspicions surrounding inside knowledge and potential ties to meme coin development add to the ongoing intrigue within the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> community. These unfolding stories serve as a reminder of the dynamic and often enigmatic nature of the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market.</p>
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<div class="cs-entry__tags">
 <ul>
  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>ethereum</li>
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</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/0-34-ethereum-to-half-a-million-trader-s-luck-changes-in-8-hours-tbt77013.html">https://thebittimes.com/0-34-ethereum-to-half-a-million-trader-s-luck-changes-in-8-hours-tbt77013.html</a></p>

0.34 Ethereum to Half a Million: Trader's Luck Changes In 8 Hours

TheBitTimes

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