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Markets are running hot. Inflows to crypto funds in the second week of January totaled $1.24 billion. Galaxy Fox (GFOX) is in stage 7 of its presale as a dogwifhat (WIF) trader loses $1.7 million to an MEV bot.
Dogwifhat trader loses $1.7 million to MEV bot
Investors should be cautious when buying crypto with low on-chain liquidity.
Recently, a trader purchased $8.9 million worth of dogwifhat, a meme coin on Solana, in a single order. However, the trader ended up losing $1.73 million to an MEV bot.
It was a back-running strategy, which is less harmful than typical sandwich attacks on Ethereum.
The buy order significantly increased WIF prices. Moments later, prices sharply fell.
Galaxy Fox presale in stage 7
Galaxy Fox is currently in Stage 7 of its presale.
The platform is benefiting from the growth of GameFi and increased meme coin speculation due to its hybrid build.
Its NFT collection provides players with in-game skill bonuses that improve their chances of winning prizes in the Web3 runner game, where players compete globally to finish in the top 20% of the leaderboard.
Ecosystem growth is directly proportional to payouts paid to stakers using taxes.
GFOX is also deflationary.
Closing thoughts
It is essential to learn from the mistakes of others, like the buyer who invested in WIF, and spend time investigating alternatives, including GFOX, a deflationary token whose presale is ongoing. Galaxy Fox stakers also earn rewards.
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Source: https://crypto.news/gfox-presale-in-stage-7-wif-trader-loses-1-7m-to-mev-bot/