Cryptocurrency has turned $5,100 into nearly $700,000 in just two days by trading a little-known cryptocurrency linked to a token launch platform billed as Ethereum’s answer to Pump.fun.
According to on-chain analytics service Lookonchain, a cryptocurrency trader known as frenulum.eth made a 134x return on the $VISTA cryptocurrency after spending 2.05 ETH worth a little over $5,000 to buy 52,822 VISTA tokens.
In just two days, the trader saw the value of these tokens skyrocket and then sold them for 276.5 ETH, or nearly $700,000.
earned 274 $ETH($696.7K) by trading $VISTA in just 2 days, 134x profit! spent only 2.05 $ETH($5.1K) to buy 52,822 $VISTA and sold for 276.5 $ETH($701.8K). $VISTA
The VISTA token was launched by Ethervista, a token launch platform that seeks to combat rug pull scams by locking up creators’ liquidity for a period of five days. Rug pulls are scams in which bad actors drain liquidity from decentralized finance platforms shortly after a token is launched, leaving other investors with tokens that they cannot sell due to lack of liquidity.
Typically, this happens when insiders hold a large portion of the total supply — a common practice among projects looking to fund their operations through a launch — and then immediately sell their tokens to investors.
As previously reported, a crypto trader made around $300,000 in just one month by shorting MakerDAO’s MKR token, after borrowing 500 MKR from popular decentralized finance (DeFi) protocol Aave on July 19, then selling the token for $1.37 million.
According to on-chain analytics service Lookonchain, the trader then spent over $1.07 million on popular stablecoin USDC to buy back the MKR they needed to repay their debt at a lower price, essentially closing their short position on the cryptocurrency.
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