Early Investor Enjoys 308x Gains in Memecoin on Base: Lookonchain
A trader is celebrating massive profits after being one of the first investors in a new memecoin introduced on Coinbase’s Ethereum (ETH) layer-2 scaling solution Base, as reported by blockchain tracking firm Lookonchain. The savvy trader accomplished a 308x gain by using three ETH, valued at $6,991 in January, to purchase Degen (DEGEN).
Success Story of a Clever Trader
- The trader invested three ETH ($6,991) in DEGEN and made $2.15 million, representing a gain of 308x
- Purchased 277 million DEGEN on January 8th with three ETH ($6,991)
- Sold 77 million DEGEN for 134 ETH ($370,000) and retained 100 million DEGEN ($1.79 million)
DEGEN, which was launched on Base in January, marked the first memecoin to surge on Farcaster, a blockchain protocol designed for creating social networks. The project’s website states that DEGEN aims to empower users of Farcaster’s ecosystem to reward individuals who post high-quality content, bridging the gap between online contributions and real-world value.
Continued Accumulation and Profits
- Deep-pocketed investors are accumulating DEGEN and reaping significant profits
- A whale spent 854 ETH ($3 million) to acquire 301.77 million DEGEN at $0.01 in the past six days, becoming the seventh largest holder of DEGEN
- The current price of DEGEN has led to a profit exceeding $2.9 million for the whale
With a market cap of $197.6 million, DEGEN is currently trading at $0.0166, experiencing a decrease of over 10% in the last 24 hours.
Hot Take: Grab Your Chance to Be the Next Success Story!
Don’t miss out on the opportunity to potentially achieve staggering gains in the crypto market by exploring new memecoins and investment opportunities. Stay proactive, informed, and ready to capitalize on emerging trends and projects that could lead to significant profits!
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