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Paying $113,000 in fees to buy a token whose value reached zero

A user has paid over $113,000 in gas fees trying to buy $26,000 of a newly released ERC-404 token called "NewHandle". According to Etrascan data, the user exchanged 30 NuHandle tokens for 10 Ethereum and paid a total of 42.8 Ethereum in fees for the transactions. The price of this token increased from $6.8 at the time of launch to a peak of $70,000, but it went to zero in 35 minutes of the launch.