Last updated on May 18th, 2024 at 11:46 am
Ethereum (ETH) Investor Made $688K Profit – In an exciting update, an ETH investor stacked up over $688,000 USD in profit after carrying out a strategic trading move. The update has sent reactions across the crypto community.
In an impressive trading strategy, an anonymous trader made a huge gain in less than 48 hours using a strategic crypto maneuver. With a sharp sense of opportunity, the crypto expert profited from a huge market shift and gained 370 ETH (using Ethereum’s current price).
The report was made on May 22 by Lookonchain, a blockchain inspection resource on Twitter. According to the report, the trader started by spending $100,000 (which equals 55 ETH) on May 21, to buy 20.7 billion RefundCoin (RFD). For context, RFD is a newly launched Ethereum-based meme coin created by Blurr.Eth, who is an “OG Whale” and his net worth is estimated to be 9 Figs.
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After that, the trader took advantage of the market volatility and went on to sell the entire RefundCoin on May 22. The strategy brought about a massive 435 ETH return which is valued at $788,000. He had an ROI of about 690%.
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
Crypto community reactions
Reacting to this, the broad crypto community has praised the move. One user @Mysteryofcrypt called it an “example of high-risk, high-reward trading.” Another user @alphador_ai called it “an impressive result.”
“The main thing is always to do the right analysis in order to enter the deal at the right time. And it is also important to record the profit in time We will keep an eye on this guy!” he added.
However, another user @FCCHfor didn’t believe the trader could have done it on his own. He insinuated that it was done with inside information.
It's called insider trading.
— fcAk (@FCCHfor) May 22, 2023
Consequently, RefundCoin (RFD) has also benefited from this transaction, skyrocketing by up to 85.5% in the last 24 hours. Within the time stamp, RFD is one of the highest gainers when it started its surge earlier with over 1000% increase in price.
RefundCoin (RFD) price today
According to live data from CoinGecko, the price of RFD today is $0.00007030. It is up 38.90% in the last 24 hours. What’s more, it has a 24-hour trading volume of $69,533,391.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.