Does a bull run backwards? The user spent 113 thousand dollars on gas
In typical bull run fashion, one crypto user was seen spending $113,000 on gas to buy $26,000 of a newly launched token.
Unfortunately for them, the simulation looked “cruel” after just over 35 minutes.
According to Etherscan transaction data, a single wallet address interacted with a smart contract address on February 13, transferring 10 Ether (ETH) (worth approximately $26,000) to the contract.
The smart contract converted to Wrapped Ether (WETH) and settled for 30 No Handle (NO) tokens – the newly listed ERC-404 token. The exchange proceeds are then deposited into another wallet address.
Transaction data from Web3's portfolio tracker DeBank shows the transaction totaled a gas payout of 42.8 ETH, worth $113,211.
As consumers throw caution to the wind in hopes of capitalizing on unclear signals, some see the cost of gas bills as a sign of a bull market.
Unfortunately for the user, the cost of one NO token has risen from $6.80 at launch to nearly $70,000.
Lookonchain has made the user “brutal” after the price of NO token suddenly dropped to $0.
Meanwhile, the NO token has been given a security score of 0 out of 100 and has been flagged as “high risk” by blockchain analytics service CryptoMonkey, which announced in a February 13 X post that users have not canceled the token's contract. Only two addresses hold 90% of the token.
Related: Blockchain Community Divided by New ERC-404 Tokens
It is not clear if the user is trying to initialize the new token or if it is a “fat finger” error when interacting with the smart contract. However, the high gas priority charge suggests that it may be the former.
The wallet address is raking in over $1.1 million in Pandora tokens on the growing ERC-404 trend – a project that is said to be kicking off the ERC-404 craze after going live on February 5th.
ERC-404 is an unofficial experimental token standard that attempts to connect ERC-721 nonfungible tokens (NFTs) to ERC-20 tokens, allowing what some have described as fractional NFTs.
This allows multiple wallets to each own a single NFT unit and use that unit to trade or share for loans.
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