A cryptocurrency trader is making the rounds on social media after making over $6 million in profits on the Ethereum blockchain. This incredible trade took place in less than a day, resulting in a profit of almost 600% on whale trading. So how did they do this?
Crypto Trader Earns $6.7 Million in 3 Hours
According to Lookonchain, an on-chain data tracker, a single wallet earned nearly $7 million in its final days from a particularly hyped launch. The Satoshi VM project, a layer 2 network for the Bitcoin blockchain, launched to much fanfare on Thursday, with support from some notable influencers in the industry.
One wallet in particular took advantage of this hyped launch and paid a premium fee to snipe the launch. According to a report by Lookonchain, a trader paid a bribe fee of 141.66 ETH (about $140,000) to pre-empt the contract wallet drop.
By paying this ‘bribe’, their trade was able to get ahead of the others and the cryptocurrency trader earned 2.61 SAVM tokens for 277.66 ETH. Combined with the premium fees paid to miners, the total cost for a cryptocurrency trader would be approximately $700,000. This will turn out to be a good move as the price of the Ethereum-based token will skyrocket in the coming hours.
In just 3 hours, the trader’s total SAVM holdings increased to over $6.7 million, giving the trader a profit of over $6 million in just 3 hours. The trader will initially sell 2.16 million SAVM tokens for $4.38 million, realizing a profit of $3.6 million on this transaction.
However, as of this writing, the trader has offloaded all of his SAVM holdings, bringing his balance below zero and earning over $6 million in less than a day.
Ethereum-based SAVM is gaining attention.
The launch of the Satoshi VM (SAVM) token took the cryptocurrency community by surprise and led to a sharp rise in IDO prices. This can be attributed to the joint push of large influencers such as MacnBTC with over 450,000 followers and Crypto Kaduna with over 128,000 followers on X (formerly Twitter).
The IDO was oversubscribed with 47,000 participants registered and only a handful of people got in. For those who got in, profits soared as influencers continued to push the coin, pushing its market cap past $100 million in a matter of hours. .
As of this writing, the Ethereum-based token has reached a high of $14.8 and its market capitalization is over $150 million. At this price, IDO participants recorded a return on investment of over 250x. However, the price has since fallen back to $11.6, bringing the market capitalization to $120 million at the time of this writing.
ETH price drops below $2,500 | Source: ETHUSD on Tradingview.com
Featured image from Storyblocks, chart from Tradingview.com