👉👉👉 #Bullrun back? User spends $113K in gas to snipe token only to be ‘rugged’
In a classic display of bull-market exuberance, a crypto enthusiast has recently made headlines for shelling out an eye-popping $113,000 in gas fees, all in a bid to snag a slice of a freshly launched token. However, their ambitious move quickly turned sour when the token, known as ERC-404, plummeted to zero value a mere 35 minutes later.
On February 13, Etherscan records reveal a wallet spending 10 Ether (ETH), around $26,000, to interact with a smart contract. The contract converted $ETH to Wrapped Ether (WETH) and swapped it for 30 units of the new ERC-404 token, No Handle (NO). The proceeds were subsequently sent to another wallet address.
DeBank's data shows a jaw-dropping gas fee of 42.8 ETH, equivalent to $113,211. Such extravagant spending is often associated with a bullish market, where investors take significant risks for potential high returns from obscure tokens.
Unfortunately, the NO token's price surged from $6.80 to an astronomical peak of around $70,000 at launch, only to plummet back to near-zero levels within just 35 minutes, as reported by Dex Screener.
The user was labeled "rugged" by Lookonchain after NO token's value dropped suddenly. Crypto Monkey flagged NO as "high risk," with a 0 out of 100 safety score, citing its non-renounced contract and two addresses controlling 90% of the token supply. The reason for the high gas fee remains unclear.
The reason behind the significant gas fee spending remains unclear, but it could be an attempt to profit quickly or a costly mistake. The #Wallet has been active in the ERC-404 trend, earning over $1.1 million from Pandora tokens since its debut on February 5.
ERC-404 links ERC-721 non-fungible tokens (#NFTs ) with ERC-20 tokens, allowing fractional ownership of NFTs. This enables multiple wallets to own fractions of a single NFT, facilitating trading or staking for loans among users.
Source - cointelegraph.com