One crypto trader has been making the rounds on social media after making more than $6 million in profit on the Ethereum blockchain. This incredible trade took place in less than a day, translating to an almost 600% gain for the whale trade. So how did they do this?
Crypto Trader Makes $6.7 Million In 3 Hours
According to Lookonchain, an on-chain data tracker, a single wallet has made almost $7 million off a particularly hyped launch in the last day. The project, Satoshi VM which is a Layer 2 network for the Bitcoin blockchain, launched on Thursday amid much fanfare as it was shilled by some notable influencers in the space.
One wallet, in particular, took advantage of this hyped launch and paid a premium fee to snipe the launch. As Lookonchain reports, the trader paid a bribe fee of 141.66 ETH (around $140,000) to front-run the contract wallet drop.
By paying this ‘bribe’, their transaction was able to go ahead of others, and the crypto trader acquired 2.61 SAVM tokens for 277.66 ETH. Along with the premium fee paid to miners, this put the crypto trader’s total cost at approximately $700,000. This would turn out to be a good move as the price of the Ethereum-based token would pump in the next few hours.
In the space of three hours, the trader’s total SAVM stash grew to a value of above $6.7 million, making the trader more than $6 million in profit in three hours. The trader would go on to sell 2.16 million SAVM tokens for $4.38 million initially, realizing a profit of $3.6 million from this transaction.
However, at the time of this writing, the trader has gone on to offload all of their SAVM holdings, bringing the balance to less than 0 and making a profit of more than $6 million in less than one day.
Ethereum-Based SAVM Makes A Splash
The Satoshi VM (SAVM) token launch has taken the crypto community by surprise, rising rapidly from its IDO price. This can be credited to a coordinated push by 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 as 47,000 participants registered, and only a small percentage of people got in. For those who got in, the gains have run up as influencers continue to push the coin, crossing the $100 million market cap mark in a matter of hours.
At the time of writing, the Ethereum-based token had reached a peak of $14.8, with a market cap above $150 million. At this price, the IDO participants were recording an over 250x return on investment. However, the price has since retraced to $11.6, putting the market cap at $120 million at the time of this writing.
ETH price drops below $2,500 | Source: ETHUSD on Tradingview.com