A trader hit the jackpot by turning a small amount of cryptocurrency into a massive profit. With just 0.26 ETH, he made a whopping 27.8 ETH, which is around $166k, in just 2 days. This incredible success has amazed the crypto community and highlighted the trader’s skill in navigating the crypto market.
Turning 0.26 ETH Into 27.8 ETH
Lookonchain, a leading on-chain tracking platform, recently shared an impressive success story of a trader who turned a $613 investment into a staggering $166,000 profit in just two days.
However, the trader pulled off this impressive success by making a special trade with DEFROGS, a project that uses ERC404 for project finance for permanence (PFP).
The trader began with 0.26 ETH ($613) and used 0.08 ETH ($190) to buy 100 DEFROGS. However, he faced an extra cost – a transaction fee of 0.178 ETH ($423) for processing the trade, commonly known as gas fees. Meanwhile, these fees are essential for validating and executing transactions on the Ethereum blockchain but add to the overall cost of the investment.
Later, the trader made a significant move by selling 60 DEFROGS, earning 27.8 ETH or $67,000. Despite this sale, he still holds 40 DEFROGS, now valued at $100,000. This strategic move resulted in an impressive total profit of $166,000.
DeFrogs Price Analysis
Apart from these personal success stories, DeFrogs, the cryptocurrency itself, experienced a notable surge in value. Currently, DeFrogs is priced at $2,963.33, reflecting an impressive 85.39% increase in the last 24 hours. During this period, the trading volume reached $26,614,451, contributing to a market capitalization of $23,633,289.
