A trader turned five Ethereum into $3.3 million in three days

A trader turned five Ethereum into $3.3 million in three days

user avatar

by Max Nevskyi

3 years ago

Analysts at Lookonchain discovered a lucky trader who managed to turn five Ethereum (ETH) into $3.3 million in just three days. The trader invested 5 ETH, valued at $12,000, in the meme coin PORK, buying 9.5 trillion PORK just minutes after the launch of trading for this cryptocurrency. After the price of PORK increased, he sold 6.3 trillion coins back for 329 Ethereum ($765,000), earning a net profit of 324 ETH ($753,000).

At the time of the analysis, the trader still had 3.2 trillion PORK worth $2.55 million. Many Lookonchain followers speculated that the successful trades were based on insider information. PepeFork (PORK) is a meme coin inspired by the Pepe frog symbol cryptocurrency project, which brought profits to many investors in 2023. The developers of PORK call it a fork of PEPE, and at the time of writing the article, the cryptocurrency is traded on Uniswap and MEXC.

Buying a meme coin at the start of trading and then taking profits is a popular tactic among members of the crypto community. The Lookonchain team previously reported on traders who managed to earn significant amounts in a short period of time using a similar strategy.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

FINMA Approves First Swiss Retail Bitcoin ETF

Switzerland's financial regulator, FINMA, has approved its first retail ETF that invests directly in Bitcoin, allowing retail investors to gain regulated exposure to Bitcoin.

user avatarMaria Gutierrez

EIP7906 Proposal Considered for Enhancing Ethereum Transaction Safety

The Ethereum Foundation is considering EIP7906, which proposes a readonly post-transaction frame to evaluate changes and events before accepting transaction outcomes.

user avatarDavid Robinson

Ethereum Foundation Investigates Enhancements to Transaction Safety

Researchers at the Ethereum Foundation are examining native transaction assertions to enhance transaction safety and reliability in digital asset markets.

user avatarAndrew Smith

Ethereum Developers Delay Glamsterdam Upgrade on Hoodi Testnet

Ethereum developers have postponed the Glamsterdam upgrade initially scheduled for the Hoodi testnet on October 26, with no new activation date provided.

user avatarJacob Williams

Samsung and Solana to Enable Cross-Border USDC Transfers in Samsung Wallet

Samsung and Solana announced plans to integrate cross-border USDC transfers into Samsung Wallet, targeting 82 million US Galaxy devices.

user avatarZainab Kamara

More Americans Have Tried Crypto Than Last Year, But Usage Remains Flat

A recent survey shows that 22% of Americans have tried cryptocurrency, up from 18% last year, but active usage remains flat at 13%. Curiosity drives interest in crypto.

user avatarSon Min-ho

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.