A savvy crypto trader has earned over $550,000 in just six days by free minting $Daram and $Frogs tokens. The trader’s strategy involved minting massive amounts of both tokens via numerous wallets before selling them for a significant profit. Lookonchain, an on-chain crypto analytical firm, shared the sequence of events through its official X account.
This guy made more than $550K by free minting $Daram and $Frogs in just 6 days!
He minted 4.59B $Daram via 918 wallets with a gas of ~$10K and minted 8.8T $Frogs via 880 wallets with a gas of ~$7K.
Then sold all 8.8T $Frogs for 26.56 $ETH($69K) and sold 3.23B $Daram for 69… pic.twitter.com/z5Z4wMtJ4X
— Lookonchain (@lookonchain) October 18, 2024
Massive Free Minting Operation Yields Substantial Profits
According to a recent report by Lookonchain, the trader minted 4.59 billion $Daram tokens using 918 wallets, incurring an approximate gas fee of $10,000. Similarly, the trader minted a staggering 8.8 trillion $Frogs tokens via 880 wallets, incurring about $7,000 in gas fees. These wallets played a crucial role in accumulating massive amounts of tokens quickly.
After successfully minting the tokens, the trader sold large portions of the $Daram and $Frogs tokens. The sale of all 8.8 trillion $Frogs tokens earned the trader 26.56 $ETH, valued at around $69,000. Additionally, the sale of 3.23 billion $Daram tokens resulted in 69 ETH, equivalent to $180,000. These rapid token sales were instrumental in securing substantial returns within days.
This has sparked much speculation in the crypto market, highlighting the dynamic opportunities within the crypto space. Not only trading but minting in different technical ways can be fruitful for yielding the maximum profits. Using such methodologies, this savvy trader made roughly $550k in less than a week.
Remaining Tokens Still Worth $319K: Crypto Trader’s Portfolio
The trader retains 1.36 billion $Daram tokens, currently valued at approximately $319,000. These unsold tokens and the profits from the sales underscore the impressive financial success achieved through free minting and strategic trading. The trader’s wallet address has been identified as 0xAB****069A9, marking one of the most profitable short-term operations in recent crypto history.
The graph shows Ethereum’s price movement over the past 24 hours. The price began at nearly $2,620 and dipped to around $2,580 before recovering. The price peaked at $2,637.45, reflecting a daily increase of 0.65%. Despite fluctuations throughout the day, Ethereum maintained an upward trend with notable recoveries. Despite minor intraday volatility, trading volume reached $14.80 billion, which is positive market momentum for Ethereum.
