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

SoFi Introduces SOFIE Tokenized Deposit for Earning Interest

SoFi has launched a new tokenized deposit product named SOFIE, allowing consumers to earn interest on dollar balances while facilitating blockchain transfers.

user avatarJesper Sørensen

Chainlink and LG CNS Join Forces to Enhance Digital Asset Infrastructure in South Korea

Chainlink and LG CNS have announced a partnership to enhance oracle and crosschain infrastructure for South Korea's financial institutions.

user avatarRajesh Kumar

HSBC Introduces RedCoin for Consumer Payments

HSBC has launched RedCoin, a stablecoin backed by the Hong Kong dollar, for consumer payments through its PayMe app.

user avatarLucas Weissmann

CME Group Achieves Record Revenue and Trading Volume in Q3

CME Group reports a remarkable 13% increase in Q3 revenue, reaching $17.373 billion, with an average daily trading volume of 294 million contracts.

user avatarFilippo Romano

Zcash Investment Product Sees Significant Inflows

Demand for the Zcash investment product tracked under ticker ZCSH surged on October 21, marking a notable recovery after earlier withdrawals.

user avatarEmily Carter

BTCPay Server Documentation Guides Merchants on Payment Integration

BTCPay Server provides documentation for merchants on how to connect its payment system to WooCommerce, emphasizing the importance of maintaining all components.

user avatarTomas Novak

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.