A Trader Pays a $120K Fee to Buy a Meme Token
A trader has recently converted 84 wrapped ETH (WETH) into 3.8 billion FOUR, the new meme token launched on the Ethereum network on May 8, using the Uniswap decentralized exchange.
The transaction cost the user 64 ETH (~$120,000), and the user has already locked in a profit of 133 ETH ($240,000).
The token has a daily trading volume of $68.3 million and a market cap of $33.6 million and is likely named after the “fourth rule” of the head of Binance Changpeng Zhao – do not pay attention to FUD.
Fees for simply transferring coins on Ethereum are currently ranging from $4.77 to $4.88. Notably, holders of the Pepe (PEPE) meme token have realized $160 million in profit, mainly from users who purchased the asset in its first week of launch.