An anonymous trader earned $670,000 in 48 hours from the VISTA token on the decentralized exchange Ethervista, as noted by Arkham.
$5K TO $670K ON ETHERVISTA IN JUST 48 HOURS
Trader 0x430 bought the launch of @ethervista, spending $5K to secure just over 5% of the supply.
He distributed his VISTA holdings across 7 different wallets to sell them off, and after 2 days realized over $670K of profit into ETH.… pic.twitter.com/CdAXlE1XRO
— Arkham (@ArkhamIntel) September 3, 2024
According to experts, the user spent about $5,000 to purchase 5% of the coin’s supply at the Ethervista launch and distributed the assets across seven crypto wallets.
Two days later, he sold the tokens and secured a profit of $670,000 in ETH, increasing his deposit 134 times.
In the comments under Arkham’s tweet, a user with the nickname NRGCrypto888 suggested that only an insider would invest $5,000 in a new coin and then “wait for a few days for it to pump.”
Only an insider will put 5K in a new token and then wait for few days for it to pump.
— NRGCrypto ₿ (@NRGCrypto888) September 3, 2024
Previously, an insider trader earned $5.6 million on DADDY, promoted by Andrew Tate. The former kickboxer launched the meme token as a competitor to the MOTHER coin by singer Iggy Azalea.
In June, some users made millions from the listing of WaterCoin (WATER) on the Jupiter and Raydium exchanges. Immediately after trading began, the meme token soared by 83%, which brought $2.9 million to one trader.
Ethereum co-founder Vitalik Buterin criticized celebrity experiments with meme coins and urged a focus on projects that benefit the public good rather than enriching insiders.