<p>In a daring move indicative of the fervor surrounding cryptocurrency markets, a crypto investor recently made headlines by spending a staggering $113,000 in gas fees to snipe the launch of a new <a href="https://www.cryptopolitan.com/erc-404-token-standard-sparks-debate/" rel="noopener noreferrer nofollow">ERC-404 token</a>.&nbsp;</p>
<p>The investor, aiming to seize an opportunity in the rapidly evolving landscape of crypto assets, transferred 10 ETH (approximately $26,000) to a smart contract address, initiating a sequence of transactions that ultimately led to the acquisition of 30 NO tokens.</p>
<h2 class="wp-block-heading" id="navigating-the-erc-404-token-launch-rollercoaster">Navigating the ERC-404&nbsp; token launch rollercoaster</h2>
<p>The NO token, however,<a href="https://etherscan.io/tx/0x737af24cf58ccde66d5f5856f3aafa82a301b4d98c27556babdd398f943f0d67" rel="noopener noreferrer nofollow" target="_blank"> experienced</a> a meteoric rise and subsequent crash in a mere 35 minutes. Initially trading at $6.80, its price skyrocketed to an astounding peak of around $70,000 before swiftly plummeting back to near-zero levels. This rollercoaster ride left the investor reeling, as the token’s value evaporated almost as quickly as it had materialized.</p>
<p>The ERC-404 token standard, while experimental and unofficial, has gained traction within the crypto community for its attempt to merge the functionalities of ERC-721 nonfungible tokens (NFTs) with ERC-20 tokens.&nbsp;</p>
<p>This innovation allows for the fractionalization of NFTs, enabling multiple parties to own and trade portions of a single NFT. However, with innovation comes risk, as demonstrated by the swift rise and fall of the NO token.</p>
<h2 class="wp-block-heading" id="navigating-risks-in-erc-404">Navigating risks in ERC-404</h2>
<p>Despite the potential for high returns, the speculative nature of ERC-404 tokens comes with inherent risks. The NO token, in particular, received a safety score of 0 out of 100 and was flagged as “high risk” by blockchain analytics service Crypto Monkey.&nbsp;</p>
<p>Concerns were raised regarding the concentration of token ownership, with just two addresses holding 90% of the token supply. Such warnings underscore the importance of thorough due diligence before engaging in high-stakes investments within the crypto space.</p>

Crypto investor loses big after spending $113K in gas to snipe token launch

Obsah

Cryptopolitan_News

Ďalšie články zverejnené 14. 2. 2024

NextGem.ai: Changing the Game in Crypto in 2024

Analysts Predict BlockDAG to Yield 1000x ROI; Sinks Manta Network Price Predictions and ICP Hype

Titan Lightning Revolutionizes Bitcoin Mining with Instant, Non-Custodial Rewards via Lightning N...

XRP Lawyer Slams 'Fake Satoshi' Craig Wright for Historical Blunder

Federal Charges Brought Against Digitex Futures Exchange CEO for Compliance Failures

BNB Coin Gains Momentum with Bitcoin’s Leap Over $52K

Pripojte sa k nášmu bezplatnému bulletinu a získajte denné aktualizácie kryptomien!