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An unknown trader turned 1 Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) into almost $60,000 in hours. 
According to Lookonchain analysts, an unknown trader earned $59,000 from 1 ETH in 11 hours thanks to the ERC-404 MINER token. 
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 Starting with only 1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($2,507), this smart trader made $59K in 11 hours! His secret to making money is buying and selling the <a href="https://twitter.com/hashtag/ERC404?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#ERC404</a> token <a href="https://twitter.com/search?q=%24MINER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MINER</a> using high gas! He withdrew 1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> ($2,507) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> and successfully spent 0.065 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($163) to buy 1073 <a href="https://twitter.com/search?q=%24MINER&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MINER</a> at a very… <a href="https://t.co/GQDiKupFee" target="_blank">pic.twitter.com/GQDiKupFee</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1756940311690092942?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 12, 2024</a>
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 “His secret to making money is buying and selling the ERC-404 token MINER using high gas!” <cite>Lookonchain analysts</cite>
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The trader first withdrew 1 ETH from the Binance cryptocurrency exchange and spent 0.065 ETH ($163) to buy MINER at a meager price using 0.802 ETH ($2010) of gas, later selling 722 MINER for 19.11 ETH using 0.5 ETH ($1244) of gas. 
As a result, in 11 hours, the trader ended up with 350 MINER tokens worth about $15,000 at the time of the transaction. In total, the trader earned $59,000. 
The rapid growth of ERC-404 standard tokens is not the first to enrich traders. Last week, an unknown trader <a href="https://crypto.news/memecoin-craze-sees-one-trader-reap-over-100k-in-profits-on-newly-listed-defrog/" target="_blank" rel="noreferrer noopener">earned</a> over $166,000 in two days by spending 0.258 ETH ($613) to buy the DeFrogs token. For 100 DEFROGS, the trader paid 0.08 ETH ($190). The transaction fee was 0.178 ETH ($423). After a couple of days, during which the token’s price grew rapidly, the trader sold 60 DEFROGS for 27.8 ETH ($67,000). 
However, the ERC-404 token market itself <a href="https://crypto.news/erc-404-sector-collapses-by-33-after-rapid-surge/" target="_blank" rel="noreferrer noopener">is recording</a> a significant decline. The sector’s market capitalization has fallen 30% in the past 24 hours, following a meteoric rise last week. 
The ERC404 standard combines the ERC-20 and ERC-721 standards, creating tokens that can be fungible and unique. For example, when purchasing a token of this new standard (PANDORA), the user receives a token and a unique non-fungible token (<a href="https://crypto.news/tag/NFT/" target="_blank" rel="noreferrer noopener">NFT</a>). This adds additional value to the token since the NFT may be rare or of exceptional value. 
 Read more: <a href="https://crypto.news/new-ethereum-standard-erc-404-gains-steam-first-token-skyrockets-12000-in-days/"> New Ethereum standard ERC-404 gains steam, first token skyrockets 12,000% in days </a>

Trader turns 1 ETH to $59k in hours with new ERC-404 token

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