DizzyHavoc token earns trader $225k on no trading volume

2024-02-28 06:23:17

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 (ETH), 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 spent 0.2 ETH to buy 6.47 million DZHV and sold it for 69.8 ETH.

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 CoinMarketCap. The daily trading volume is estimated at $17.89 million. Currently, the coin is traded only on the decentralized exchange (DEX) Uniswap, and the CoinMarketCap website indicates that the token is not verified.

Source: CoinMarketCapDue 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 OpenAI‘s generative neural network for video, Sora. The trader earned $176,000 by investing only $137.

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