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

FATF to Review Jurisdictions with Weak Virtual Asset Oversight

The Financial Action Task Force (FATF) will review jurisdictions with longstanding shortcomings in virtual asset regulation to identify necessary actions for the upcoming plenary.

user avatarSatoshi Nakamura

Stellar Development Foundation Makes Strategic Investment in Marketnode

On October 29, the Stellar Development Foundation announced a strategic investment in Marketnode to enhance institutional access to tokenized investment products in the Asia-Pacific region.

user avatarJesper Sørensen

Tokenization Efforts in Wall Street Face Challenges

Tokenization efforts on Wall Street face challenges as major companies opt out, highlighting volatility and illiquidity in the market.

user avatarRajesh Kumar

NYSE Partners with Avalanche for Tokenized Securities Platform

The New York Stock Exchange has partnered with Avalanche to create a tokenized securities platform, aiming for 24/7 trading and settlement, pending regulatory approval.

user avatarLucas Weissmann

Block Reaches Agreement in Principle with DOJ Over AML Allegations

Block, the payments company known for Cash App and Square, has reached an agreement in principle with the US Department of Justice regarding allegations of failing to maintain an effective anti-money laundering program.

user avatarFilippo Romano

Arkham Intelligence Highlights Institutional Holdings in Ethereum and Solana

Arkham Intelligence's update reveals significant institutional holdings in Ethereum and Solana, indicating a shift in investment strategies beyond Bitcoin.

user avatarEmily Carter

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.