There were liquidity concerns when ApeCoin began. Decentralized exchanges (DEX) were hammered by flash bots, as opposed to centralized exchanges (CEX) like Binance. We’d want to use SushiSwap to demonstrate what happened last week.
When ApeCoin was trading around $13 on the launch day, 8,769 APE (approx.) were sold for 140.50 ETH (slightly under $400,000). SushiSwap offered a market price of $44.98 per APE rather than $13.
Instead of selling 8,769 APE for $113,997 (based on a price of $13 per APE), the coins were sold for $394,430 (based on a price of $44.98 per APE). Excluding gas fees, the profit on the SushiSwap transaction was $280,443.
Immediately, about 8,592 APE were purchased for $45.69, which is 3.5 times the current market price of the cryptocurrency. It didn’t stop there. Several transactions took advantage of price differences between SushiSwap and UniSwap. The largest ApeCoin profit we were able to capture earned the flash bot’s investor almost $2 million.
The crypto bot gained over $2 million by profiting on price differences between SushiSwap and UniSwap. Hundreds of transactions occurred in a very short period of time, making it difficult to capture. The transaction of the flash bot that generated over $2 million is exclusive to Financemagnates.
On UniSwap, the bot exchanged 7.73 ETH for approximately 2,806 APE (It is around $31,000 in fiat currency). The previously bought 2,806 APE were then converted back to Ethereum, however instead of 7.33 ETH, the ApeCoins were sold for 960 ETH (approx.) In actual terms, this amount is almost $2,772,000. Within seconds, $31,000 was converted into $2,722,000.
The significant pricing differentials throughout DEX were only visible for a few hours after the debut. There were a few price variations in the last 48 hours, but they were exceedingly rare.
So now you know about this, what do you think? Let us know by commenting below!
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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