An unknown trader has effectively earned a profit of \(176,000 from a modest initial investment of 0.049 ETH, which was valued at only \)137 at the time.
According to an analysis conducted by Lookonchain, the trader first used 0.049 ETH to purchase 16 million SORA tokens.
Impressive 1280x Return Achieved by Trader
Subsequently, the trader executed a strategic maneuver by selling 12.36 million SORA tokens, resulting in a substantial return of 36.57 ETH, equivalent to \(102,492 based on prevailing market rates. Additionally, by retaining the remaining 3.64 million SORA tokens valued at approximately \)74,000, this single transaction yielded a significant profit for the trader, showcasing an exceptional 1,280x return on their initial investment.
Remarkably, with less than 0.05 \(ETH (\)137), this trader realized a staggering \(176K profit from \)SORA, marking an extraordinary gain of 1280x!😱
The trader invested a total of 0.049 \(ETH (\)137) to acquire 16M \(SORA and subsequently sold 12.36M \)SORA for 36.57 \(ETH (\)102,492). With 3.64M \(SORA (\)74K) remaining, the total profit amounted to approximately $176K. https://t.co/Z43Vph9NTw pic.twitter.com/cdMjlYSl5D
— Lookonchain (@lookonchain) February 18, 2024
The SORA token, introduced shortly after the launch of OpenAI’s innovative Sora model, has garnered significant interest and value. Despite its connection to OpenAI’s pioneering work in artificial intelligence, it is essential to clarify that the SORA token is not directly associated with the development team.
OpenAI’s recent introduction of the Sora model, an advanced text-to-video generator capable of creating realistic visual content based on textual cues, has sparked a resurgence of interest in AI-related tokens.
Analysts speculate that this announcement triggered a surge in various cryptocurrency projects linked to artificial intelligence, including Worldcoin, Bittensor (TAO), and Fetch.ai.
Surge in AI-Based Tokens
Worldcoin, which is linked to OpenAI co-founder Sam Altman, experienced a remarkable surge of over 40% in a single day, reaching a new all-time high and illustrating the market’s enthusiastic response to advancements in AI technology.
Similarly, Bittensor and Fetch.ai observed significant gains, with Bittensor registering a 17.4% weekly increase and Fetch.ai rising to $0.9126, reflecting a 45.5% weekly surge in value. This renewed interest follows a period of decreased activity in AI-related tokens, indicating a potential resurgence in investor confidence and interest driven by technological progress.
Meanwhile, Buterin recently highlighted the potential use of AI-assisted methods to bolster the security of the Ethereum network. He proposed that Ethereum’s primary technical risk lies in the presence of bugs in its code, emphasizing that any innovation capable of substantially reducing this risk would be highly advantageous.
Despite the trader’s recent profitable venture with the SORA token, the cryptocurrency market remains highly volatile, as evidenced by the SORA token’s more than 20% decline in value over the past 24 hours. At present, the price of the SORA token is standing at $0.01657.
