Memecoin

As users suspect insider trading, a trader earned several hundred thousand dollars on an unknown token called DizzyHavoc. 
An unknown trader made a profit of 69.6 Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>), the equivalent of $225,700, on the new DizzyHavoc (DZHV) token in a couple of days. Lookonchain analysts drew attention to this case. 
On Feb. 26, the trader&nbsp;spent 0.2 ETH to buy 6.47 million DZHV and sold it for 69.8 ETH. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 In just 2 days, this trader made 69.6 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($225.7K) with only 0.2 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($635). He spent 0.2 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($635) to buy 6.47M <a href="https://twitter.com/search?q=%24DZHV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DZHV</a> on Feb 26 and sold it for 69.8 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($226.4K).<a href="https://twitter.com/search?q=%24DZHV&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$DZHV</a> was launched on Jan 29 but has seen almost no trading volume. Coincidentally, right after this trader… <a href="https://t.co/fJUto8MZZm" target="_blank">pic.twitter.com/fJUto8MZZm</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1762736616890904683?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 28, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
DZHV was launched on Jan. 29, but trading volume remained low. However, within two days of the trader’s purchase, the token suddenly jumped 82%. 
At the time of writing, the price of DZHV is $0.06464, down by 16% in the last 24 hours, according to&nbsp;CoinMarketCap. The daily trading volume is estimated at $17.89 million. Currently, the coin is traded only on the decentralized exchange (<a href="https://crypto.news/tag/dex/" target="_blank" rel="noreferrer noopener">DEX</a>) <a href="https://crypto.news/tag/Uniswap/" target="_blank" rel="noreferrer noopener">Uniswap</a>, and the CoinMarketCap website indicates that the token is not verified. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="595" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-28-at-16.31.31-1024x595.png" alt="DizzyHavoc token earns trader $225k on no trading volume - 26" class="wp-image-14253349">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
Due to the ambiguity of the transaction, X users commented on the Lookonchain post and suggested that a developer or another DZHV insider could be behind the unknown trader. 
At the same time, cases of traders getting rich on little-known tokens are increasingly attracting the attention of analysts. Last week, another unknown trader made a 1,280x profit, taking advantage of the hype around the announcement of <a href="https://crypto.news/tag/OpenAI/" target="_blank" rel="noreferrer noopener">OpenAI</a>‘s generative neural network for video, Sora. The trader <a href="https://crypto.news/trader-made-1280x-profit-on-sora-token/" target="_blank" rel="noreferrer noopener">earned</a> $176,000 by investing only $137. 
 You might also like: <a href="https://crypto.news/memecoin-craze-sees-one-trader-reap-over-100k-in-profits-on-newly-listed-defrog/"> Memecoin craze sees one trader reap over 100k in profits on newly listed DEFROG </a>

DizzyHavoc token earns trader $225k on no trading volume

crypto.news

Other articles published on Feb 28, 2024

Bitcoin breaks $59k as explosive presale puts Pullix on investors’ radar

EOS Demonstrates Security Success with 2M EOS Recovery

Solana-Based Crypto Exchange Backpack Secures $17 Million in Series A Funding

Aleo Addresses Recent KYC Data Leak Incident

Dogwifhat Price Prediction: WIF Soars 43% As A New Grumpy, Frog-Themed Competitor Takes On Pepe (...

Polkadot (DOT) declines while more Ethereum (ETH) holders add Kelexo (KLXO) DeFi lending solution...

Join our free newsletter for daily crypto updates!