I am unable to see how to eliminate $t$. Wolfram Alpha fails at it too.
$$x=2t-4t^3$$ $$y=t^2-3t^4$$
I can guess that the curve is a polynomial equation so in principle I can write this as
$$w_1 x^4 +w_2 x^3 +w_3 x^2 +w_4 x +w_5 y^3 +w_6 y^2 +w_7 y +w_8=0$$
for the powers of $t$ to cancel when plugged in I am determine all these $w's$ by substituting the $t's$ for $x(t)$ and $y(t)$ and setting each of the new coefficients of the $t$'s $C_i(w_1,...w_8)$ to zero individually. I have my curve determined if I put each of the $C_i(w_1,...w_8)=0$ and solve for the $w$'s.
All this was in principle, but this is like an examination question so there must be a clever manipulation/way, which I have been unable to find.


My opinion is that you should not try to eliminate $t$ at all. Instead, you should think about how $x$ and $y$ behave as $t$ varies, find some important points such as the critical points with respect to $x$ and $y$, and try to sketch the graph from that information.
$x=2t-4t^3$ means that as $t$ goes from $-\infty$ to $\infty$, $x$ decreases from $\infty$ to a local minimum of $-\sqrt{8/27}$ at $t = -1/\sqrt{6}$, then rises to $\sqrt{8/27}$ at $t = 1/\sqrt{6}$, then falls again to $-\infty$.
$y=t^2-3t^4$ means that $y$ starts and ends at $-\infty$, with local maxima of $1/12$ when $t = \pm 1/\sqrt{6}$, and a local minimum of $0$ at $t = 0$.
Interestingly, $t = \pm 1/\sqrt{6}$ is a critical point for both $x$ and $y$, both of whose derivatives change sign, so the curve forms a cusp at that point.
That's enough information to follow the curve as $t$ goes from $-\infty$ to $\infty$: it comes in from the bottom right quadrant $(\infty,-\infty)$, goes upward and leftward till it hits the cusp $(-\sqrt{8/27},1/12)$, upon which it turns around, passing smoothly through $(0,0)$ where its tangent is horizontal, until it reaches the second cusp $(\sqrt{8/27},1/12)$, and then turns around a second time and exits at the bottom left towards $(-\infty,-\infty)$.
This is consistent with the plot arising from Juan Joder's answer.