Trader paid $120,000 in fees to buy meme token FOUR

An unknown user spent 64 ETH (~$120,000) on gas to buy the meme cryptocurrency Four (FOUR) for 84 ETH (~$156,000).

? A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction!https://t.co/3w4UD0AZbw

— Whale Alert (@whale_alert) May 8, 2023

According to on-chain data, the operation was executed via the decentralised exchange Uniswap. The trader swapped 84 wrapped ETH (WETH) into 3.8 billion FOUR.

Twitter user FlurETH said that the user has already booked a profit of 133 ETH ($240,000).

fam i’ll explain what happened in your screenshot so nft influencers aren’t made fun of later like bitboy is now

a sniper paid 64 eth in tx fees to speed up his transaction and be the second buy on $four

13.7 billion $four is now worth 281e

281 — (64 +84) = 133 eth profit ? pic.twitter.com/9hbp8JTQYd

— Flur (@FlurETH) May 8, 2023

According to DEXTools, the new meme token was launched on the Ethereum network on the morning of May 8. At the time of writing, the coin’s 24-hour trading volume stood at $68.3 million, and its market capitalization reached $33.6 million.

Probably, the token’s name refers to Binance CEO Changpeng Zhao’s ‘fourth rule’—ignore FUD.

According to Etherscan, currently, gas fees for simple transfers on the Ethereum network range from $4.77 to $4.88.

Analyst at Scimitar Capital, known as Alex said, that Pepe (PEPE) holders realised $160 million in profits. The bulk of the gains came from users who bought the asset in the first week after launch.