A dealer is having fun with huge positive factors after being an early investor in a brand new memecoin launched on Coinbase’s Ethereum (ETH) layer-2 scaling answer Base.
In keeping with blockchain monitoring agency Lookonchain, one savvy dealer achieved a 308x acquire after utilizing three ETH price $6,991 in January to buy Degen (DEGEN).
“Only invested three ETH ($6,991) on DEGEN, this trader made $2.15 million, a gain of 308x! He spent three ETH ($6,991) to buy 277 million DEGEN on January 8th, then sold 77 million DEGEN for 134 ETH ($370,000), with 100 million DEGEN ($1.79 million) left.”
DEGEN, which launched on Base in January, is the primary memecoin to soar on Farcaster, a blockchain protocol for constructing social networks. In keeping with the memecoin’s website, the mission goals to present customers of Farcaster’s ecosystem the flexibility to reward these “posting quality content” and bridge “the gap between online contributions and real-world value.”
Deep-pocketed traders proceed to accumulate Degen and make huge income, in line with Lookonchain.
“A whale spent 854 ETH ($3 million) to buy 301.77 million DEGEN at $0.01 in the past six days, becoming the seventh holder of DEGEN. At the current price, his profit on DEGEN exceeds $2.9 million!”
DEGEN, which has a market cap of $197.6 million, is buying and selling for $0.0166 at time of writing, down greater than 10% within the final 24 hours.
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