Trader Nets Over 27,600% in Profit on a Memecoin Built on the Base Layer-2 Blockchain: Lookonchain

A dealer is seeing over 27,600% in earnings after investing in a memecoin launched on the Ethereum (ETH) layer-2 scaling resolution Base.

In line with blockchain monitoring agency Lookonchain, one good dealer turned $18,000 into $5 million – a achieve of 27,677% – after buying Degen (DEGEN) in January.

“Only invested 7.35 ETH ($18,000) on DEGEN, this trader made ~$5 million, a gain of 272x! He spent 7.35 ETH ($18,000) to buy 260 million DEGEN on January 15th and January 21st. Then sold 102.5 million DEGEN for 1.26 million USDC, with 157.5 million DEGEN (3.75 million) left.”

DEGEN, which has a market cap of $328.57 million, is buying and selling for $0.0258 at time of writing, up 2.69% in the final 24 hours.

Lookonchain additionally noticed that a deep-pocketed early Ethereum investor abruptly offered a large quantity of the prime altcoin for enormous earnings.

“An early holder of ETH offered 17,770 ETH for 62.24 million DAI at $3,503 [on March 27th]. He accrued 14,280 ETH (value $2.6 million) at a mean worth of solely ~$182 from Gemini and Bittrex from March 2017 and April 2021.

The revenue is $59 million, a achieve of 23x!”

Ethereum is buying and selling for $3,511 at time of writing, down 1.50% in the final 24 hours.

Lastly, Lookonchain spotted one investor shortly turning 50 Solana (SOL) into 2,828 SOL by buying and selling Solana-based memecoin cat in a canines world (MEW).

“Beginning with solely 50 SOL, this dealer turned it into 2,828 SOL ($531,000) in simply two days!

Let’s see how he did it.

The dealer noticed MEW 20 minutes after opening buying and selling and withdrew 50 SOL from MEXC to purchase it. He spent 30 SOL to purchase 368.3 million MEW and offered 200.2 million MEW for two,828 SOL ($530,000). He nonetheless has 168.02 million MEW ($353,000) left, and the complete revenue is ~$877,000.”

Supply: Lookonchain/X

At time of writing, MEW is value $0.00548, up over 113% in the previous day.

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