Ethereum

Splash

Million

One <a href="https://bitcoinist.com/crypto-traders-dumping-bnb-ftt/">crypto trader</a> has been making the rounds on social media after making more than $6 million in profit on the <a href="https://bitcoinist.com/ethereum-eth-etf-cardano-xrp/">Ethereum blockchain</a>. This incredible <a href="https://x.com/lookonchain/status/1748180416992027102?s=20" rel="nofollow" target="_blank">trade</a> took place in less than a day, translating to an almost 600% gain for the whale trade. So how did they do this? 
<h2 class="p2" id="crypto-trader-makes-6-7-million-in-3-hours">Crypto Trader Makes $6.7 Million In 3 Hours</h2> 
According to Lookonchain, an on-chain data tracker, a single wallet has made almost $7 million off a particularly hyped launch in the last day. The project, Satoshi VM which is a Layer 2 network for the <a href="https://bitcoinist.com/cathie-wood-refutes-jpmorgan-ceo-label-for-bitcoin/">Bitcoin blockchain</a>, launched on Thursday amid much fanfare as it was shilled by some notable influencers in the space. 
One wallet, in particular, took advantage of this hyped launch and paid a premium fee to snipe the launch. As Lookonchain reports, the trader paid a bribe fee of 141.66 <a href="https://bitcoinist.com/ethereum-insider-expose-criminals/">ETH</a> (around $140,000) to front-run the contract wallet drop. 
By paying this ‘bribe’, their transaction was able to go ahead of others, and the crypto trader acquired 2.61 SAVM tokens for 277.66 <a href="https://bitcoinist.com/vitalik-buterin-ethereum-devs/">ETH</a>. Along with the premium fee paid to miners, this put the <a href="https://bitcoinist.com/crypto-traders-dumping-bnb-ftt/">crypto trader’s</a> total cost at approximately $700,000. This would turn out to be a good move as the price of the <a href="https://bitcoinist.com/vitalik-buterin-ethereum-devs/">Ethereum</a>-based token would pump in the next few hours. 
In the space of three hours, the trader’s total SAVM stash grew to a value of above $6.7 million, making the trader more than $6 million in profit in three hours. The trader would go on to sell 2.16 million SAVM tokens for $4.38 million initially, realizing a profit of $3.6 million from this transaction. 
However, at the time of this writing, the trader has gone on to offload all of their SAVM holdings, bringing the balance to less than 0 and making a profit of more than $6 million in less than one day. 
<h2 class="p2" id="a-href-https-bitcoinist-com-ethereum-eth-etf-cardano-xrp-ethereum-a-based-savm-makes-a-splash"><a href="https://bitcoinist.com/ethereum-eth-etf-cardano-xrp/">Ethereum</a>-Based SAVM Makes A Splash</h2> 
The Satoshi VM (SAVM) token launch has taken the crypto community by surprise, rising rapidly from its IDO price. This can be credited to a coordinated push by large influencers such as MacnBTC, with over 450,000 followers, and Crypto Kaduna, with over 128,000 followers on X (formerly Twitter). 
The IDO was oversubscribed as 47,000 participants registered, and only a small percentage of people got in. For those who got in, the gains have run up as influencers continue to push the coin, crossing the $100 million market cap mark in a matter of hours. 
At the time of writing, the <a href="https://bitcoinist.com/vitalik-buterin-ethereum-devs/">Ethereum</a>-based token had reached a peak of $14.8, with a market cap above $150 million. At this price, the IDO participants were recording an over 250x return on investment. However, the price has since retraced to $11.6, putting the market cap at $120 million at the time of this writing. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/fmwqPNBg/" alt="Ethereum price chart from Tradingview.com (Crypto Trader SAVM)" width="3266" height="1530">

Crypto Trader Makes $6.7 Million In 3 Hours With Ethereum Token, Here’s How

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