A popular and highly exciting element of the cryptocurrency market is that it frequently provides investors with an opportunity to invest in a coin or token early, thus having the potential to turn tens or hundreds of dollars into thousands or millions.
While such maneuvers tend to be achievable whenever a new meme coin is launched, the most recent example came from one of the biggest players in the sector – Ethereum (ETH).
Indeed, Ethereum’s new project – Ehtervista (VISTA) – is accompanied by a utility token of the same name, and one savvy trader, identified as frenulum.eth managed to multiply their money 134 times within just 48 hours.
At the very start of September, the trader used 2.05 ETH – estimated at about $5,100 – to purchase just under 53,000 VISTA, per the information available on Etherscan on September 3. Thanks to the significant price fluctuation stemming from the launch of the new platform, frenulum.eth sold VISTA just two days later – on September 3 – for 276.5 ETH, thus making $696,000.
The timing of the VISTA trades. Source: @Lookonchain
What is Ethervista?
Ethervista is a new platform for token launches, frequently positioned as Ethereum’s answer to Pump.fun. Perhaps its most interesting feature is its attempt to combat the practice of rug-pulling by locking creator liquidity for a period of five days.
The aim of such design is to prevent creators from selling their cryptocurrency before the other supporters and participants have an opportunity to start trading and otherwise engage with the project in earnest.
Still, the locking period has sparked some backlash and caused some concern about the stability of launched cryptocurrencies – including VISTA itself – after the 5-day period expires.
On the other hand, VISTA is designed to be deflationary as it has a fixed supply of 1 million tokens.
Traders continue making big gains despite the ongoing crypto slump
Though the story of the VISTA trade is reminiscent of some of the most interesting crypto market moves of 2024, it is far from the biggest such maneuver pulled off by the digital asset community in recent months.
For example, in mid-August, one investor managed to turn $650 into $67,000 within just 7 hours of trading the Sundog (SUNDOG) meme coin on the Tron (TRX) network.
Another similar story came in late August when a trader turned $29 into $125,000 within minutes by engaging with another meme cryptocurrency – MBAPPE – though, as ever in the crypto markets, the same asset was, on the same day, associated with another individual turning a $1 million investment into just $9,000 within an hour.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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