finbold.com
As the cryptocurrency industry continues to evolve, investors and traders are discovering opportunities to score a profit by carefully picking and timing their crypto trades, as one crypto trader demonstrated by turning an investment of below $100 into nearly $100,000 in less than a day.
Specifically, this particular crypto trader has achieved a more than 1,000x return by trading Incept (INCEPT), turning a mere $95 into as much as $96,900 in just 12 hours of trading, according to the data shared by blockchain analytics platform Lookonchain in an X post on September 26.
At the same time, the Lookonchain team suggested that the addresses making profits of around 1,000x returns on INCEPT “appear to be insider wallets,” considering the fact that they appeared just four days ago and have only traded INCEPT so far.
What is INCEPT token?
As it happens, INCEPT is a new crypto token and the first of its kind built on the ERC-4D standard, and crypto analyst 0xGCB explained that it combines three major standards: ERC-20 (regular tokens), ERC-721 (NFTs), ERC-6551 (token account – similar to wallet function), adding that:
“The concept is a bit complicated, but in a nutshell, each INCEPT token can be used as a wallet and can hold a variety of assets (including NFTs, data, and even more INCEPT tokens).”
INCEPT token price analysis
Meanwhile, INCEPT was at press time changing hands at the price of $1,137.06, reflecting a 1.48% increase since its launch on September 25, according to the most recent data obtained by Finbold from crypto monitoring platform DEX Screener on September 26.
All things considered, this crypto trader, insider or not, has managed to make massive profits from their careful actions in trading the above token. However, extreme caution is necessary when trying to emulate them and earn income as trends in the crypto market, especially for new tokens, can rapidly change.