Ethereum trader scores big with clever crypto moves, raking in a whopping $166,000 profit in just two days. Starting with a tiny investment of 0.26 ETH, worth $613, they dove into the world of DeFrogs (DEFROGS), a hot new cryptocurrency making waves in the market.
The trader’s jaw-dropping investments
According to Lookonchain, a blockchain analytics platform, the trader began their journey by investing 0.08 ETH (around $190) to grab 100 DEFROGS tokens. Despite hefty gas fees of 0.178 ETH, totaling $423, they went for it showing confidence in their investment.
In just 2 days, this trader made $166K with only 0.26 $ETH($613)!This trader spent only 0.08 $ETH($190) to buy 100 #DEFROGS using a high gas of 0.178 $ETH($423), then sold 60 #DEFROGS for 27.8 $ETH ($67K).He currently has 40 #DEFROGS($100K) left, the total profit is ~166K! pic.twitter.com/g0VtlKoKGM
— Lookonchain (@lookonchain) February 8, 2024
The magic happened when they decided to cash out 60 DEFROGS tokens, pocketing a jaw-dropping 27.8 ETH, roughly $67,000. Not only did this cover their initial investment and expenses, but it also brought in a hefty profit. As of now, they still hold 40 DEFROGS tokens valued at about $100,000, making their total profit soar to around $166,000.
This success story aligns with a surge in DEFROGS’ value, skyrocketing by 111.91% in just 24 hours, now sitting at $3,335 per token. The trading volume has spiked to $28.8 million, with a market capitalization of $34.27 million, indicating growing interest and trust in this emerging digital asset.
Effects on BTC and the global market
DeFrogs joins the meme coin craze, drawing inspiration from the Pepe (PEPE) crypto project. Launched on Feb. 7, DEFROGS boasts being based on the ERC-404 standard, blending crypto features with those of non-fungible tokens (NFTs), offering a unique proposition in the digital asset market.
In the broader outlook, the total global market cap has surged by 3.57% over the last day, reaching $1.71 trillion. The 24-hour volume has also seen a significant boost, climbing to $56.79 billion. DeFi’s volume stands at $4.67 billion, comprising 8.22% of the total crypto market volume. Stablecoins dominate with a volume of $52.78 billion, capturing 92.95% of the total crypto market 24-hour volume.
Bitcoin’s dominance has risen to 51.40%, indicating a 0.35% increase over the day. Real-time data shows Bitcoin trading at $44,703.12, marking a 4.22% increase over 24 hours. With a market cap of $877.16 billion and a 24-hour trading volume of $25.33 billion, Bitcoin continues to lead the market.
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