A yield farmer has captured widespread attention in the crypto community for adeptly turning a modest $9,414 sum into an impressive return on investment (ROI) of 104,564%. Prominent crypto on-chain resource Lookonchain recently posted details about how the yield farmer attained the feat through trading the new OmniCat (OMNI) meme token.
Per Lookonchain’s disclosure, the yield farmer deployed 4 Ethereum tokens, worth $9,414 at the time of the transaction, to acquire 4,454,378,989 OMNI tokens. The trader orchestrated the substantial token acquisition via at least nine transactions.
The on-chain investigator disclosed that the trader amassed OMNI with four Ethereum addresses and five addresses on the Arbitrum network. He added that the trader bought OMNI via other blockchain network chains such as BNB Chain, Base, and Solana.
Notably, each transaction the yield farmer executed to acquire the meme tokens was below 1 ETH. In other words, he expended below $1,200 to buy multiple million units of OMNI. However, each transaction later grew to worth an average dollar value exceeding $1 million.
Collectively, at the end of the numerous strategic stockpiling, the trader’s OMNI portfolio wielded a dollar value of $9,853,086, though he had an initial investment of $9,414. This amounted to an ROI exceeding 104,564%. The update from Lookonchain suggested that these transactions occurred between December 22 and 23.
Meanwhile, the yield farmer has come under allegations of market manipulation. Specifically, Lookonchain accused the trader of manipulating OMNI to his advantage amid the meme coin’s trading debut. The on-chain investigator claimed the yield farmer provided liquidity for OMNI and simultaneously bought and sold the meme token based on the created liquidity.
1/ yieldfarming(@delucinator) may be the manipulator of $OMNI.
Buy large amounts of $OMNI on multiple chains with multiple addresses as soon as it opens trading.
Provide liquidity to $OMNI, then buy and sell $OMNI repeatedly.
At the current price, his gain may be over 1,000x! pic.twitter.com/dWhglNOIEg
— Lookonchain (@lookonchain) December 23, 2023
However, the crypto community has challenged this view. Renowned blockchain security threat tracker Zach argued that Lookonchain’s claim lacked supporting evidence. Another crypto enthusiast pointed out that Lookonchain’s word choice of “manipulator” was defamatory, contending that what the yield farmer did was arbitrage, which is not a crime.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
