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Thursday, April 18, 2024

Here’s How a Trader Made 1,280x Profit with SORA Token

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An unidentified trader has successfully generated a profit of $176,000 from a modest initial investment of 0.049 ETH, valued at just $137 at the time.

Per analysis by Lookonchain, the trader initially utilized 0.049 ETH to acquire 16 million SORA tokens.

Trader Nets 1280x Return

The trader then made a strategic move by selling 12.36 million SORA tokens for a significant return of 36.57 ETH, which amounted to $102,492 at the prevailing market rates. In addition, including the remaining 3.64 million SORA tokens valued at around $74,000, this single transaction led to a significant profit for the trader, showcasing a 1,280x return on their initial investment.

The SORA token, introduced shortly after the launch of OpenAI’s groundbreaking Sora, has experienced a surge in interest and value. Despite its association with OpenAI’s pioneering work in artificial intelligence, it’s important to note that the SORA token is not directly affiliated with the development team.

OpenAI’s recent unveiling of the Sora model, a sophisticated text-to-video generator capable of producing lifelike visual content based on textual prompts, has catalyzed a resurgence of interest in AI-related tokens.

Analysts speculate that the announcement caused a rally in various cryptocurrency projects associated with artificial intelligence, including Worldcoin, Bittensor (TAO), and Fetch.ai.

AI-Based Tokens Experience Surge

Worldcoin, linked to OpenAI co-founder Sam Altman, experienced a surge of over 40% in a single day, setting a new all-time high and demonstrating the market’s enthusiastic response to advancements in AI technology.

Similarly, Bittensor and Fetch.ai witnessed notable gains, with Bittensor recording a 17.4% weekly increase and Fetch.ai jumping to $0.9126, reflecting a 45.5% weekly increase in value. This renewed interest follows a period of decreased activity in AI-related tokens, signaling a potential resurgence in investor confidence and interest driven by technological advancements.

Meanwhile, Buterin recently emphasized the possibility of using AI-assisted methods to enhance the security of the Ethereum network. He suggested that Ethereum’s primary technical risk is the presence of bugs in its code, and any innovation that could substantially mitigate this risk would be highly beneficial.

Despite the trader’s recent success with the SORA token, the cryptocurrency market remains highly volatile, as evidenced by the SORA token’s over 20% decline in value over the past 24 hours. At the time of writing, the price of the SORA token stands at $0.01657.

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