An anonymous Ethereum (ETH) investor recently secured a $688K profit in less than 48 hours with a strategic trading move that has elicited reactions from crypto proponents.
In a stunning display of trading prowess, an anonymous investor made an impressive profit of $688,000 in less than two days through a strategic crypto maneuver. Armed with a keen eye for opportunity, the crypto maven capitalized on a significant market movement, resulting in a gain of 380 Ethereum (ETH).
Lookonchain, a leading blockchain surveillance resource, highlighted the development in a tweet today. The platform disclosed that the trader began his venture by allocating 55 ETH, equivalent to $100,000, to acquire 20.7 billion RefundCoin (RFD), a recently-introduced Ethereum-based meme coin.
This guy made 380 $ETH ($688K) in less than 2 days!
He spent 55 $ETH ($100K) to buy 20.7B $RFD yesterday and sold all $RFD for 435 $ETH ($788K) today.
The profit is 380$ETH ($688K), a gain of 7x.https://t.co/RfPhH8hMPh pic.twitter.com/8lA5jnqQqP
— Lookonchain (@lookonchain) May 22, 2023
The RFD purchase was made yesterday, May 21. Capitalizing on the fluctuating nature of the crypto market, the unknown investor executed a well-timed move by selling off their entire RFD holdings today. The sell-off yielded an astonishing return of 435 ETH, valued at $788,000. This marked an impressive 690% in returns.
The carefully-executed trade has elicited varied reactions from the broader crypto community, with some individuals considering it a classic example of high-risk, high-reward trading. However, others believe it could be a case of insider trading involving RFD.
Notably, the asset, which was recently launched by the prominent ETH whale blurr.eth, has skyrocketed by up to 85.5% in the past 24 hours, making it one of the largest gaining assets within the time frame. RFD’s pump started earlier today when it soared by almost 1,000%.
The asset has attracted immense attention froum investors who are actively seeking to capitalize on its run. The surprising success of PEPE has reignited investor’s appetite for short-term gains through meme coin investments, leading to an increased proliferation of meme coins in the market.
However, investors are advised to remain cautious when making trade decisions, as these assets pose high risks due to their nascence and unknown tokenomics.
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