Trader Nets Huge Gains with Memecoin on Coinbase’s Base
A trader has reaped significant profits as an early investor in a new memecoin launched on Coinbase's Ethereum (ETH) layer-2 scaling solution, Base.
According to blockchain tracking firm Lookonchain, the trader achieved a staggering 308x gain by investing three ETH worth $6,991 in January to purchase Degen (DEGEN).
Only invested 3 $ETH($6,991) on $DEGEN, this trader made $2.15M, a gain of 308x!
He spent 3 $ETH($6,991) to buy 277M $DEGEN on Jan 8, then sold 77M $DEGEN for 134 $ETH($370K), with 100M $DEGEN($1.79M) left.https://t.co/j3vq0Op2S5 pic.twitter.com/468vrPQ0Xq
— Lookonchain (@lookonchain) March 26, 2024
The trader initially bought 277 million DEGEN on January 8th with three ETH, then sold 77 million DEGEN for 134 ETH ($370,000), retaining 100 million DEGEN ($1.79 million).
DEGEN, launched on Base in January, is the first memecoin to surge on Farcaster, a blockchain protocol for constructing social networks.
The project aims to enable users of Farcaster’s ecosystem to reward those who post quality content and bridge the gap between online contributions and real-world value, according to the memecoin’s website.
READ MORE: BitMEX Co-Founder Predicts Ethereum Demand Surge with ETF Approval
Deep-pocketed investors are continuing to accumulate Degen and generate substantial profits, as per Lookonchain.
A whale spent 854 $ETH($3M) to buy 301.77M $DEGEN at $0.01 in the past 6 days, becoming the 7th holder of $DEGEN.
At the current price, his profit on $DEGEN exceeds $2.9M!https://t.co/pphL4YOph4 pic.twitter.com/CQPvamtT5n
— Lookonchain (@lookonchain) March 26, 2024
One whale recently spent 854 ETH ($3 million) to acquire 301.77 million DEGEN at $0.01 over the past six days, becoming the seventh largest holder of DEGEN. At the current price, the whale’s profit on DEGEN exceeds $2.9 million.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
