Early Bird Trader Nets Massive 308x Returns with New Memecoin: A Closer Look at Lookonchain
An early investor in a new memecoin on Coinbase’s Ethereum layer-2 scaling solution Base has reaped enormous gains. As reported by blockchain tracking firm Lookonchain.
The trader leveraged three ETH valued at $6,991 in January to purchase Degen (DEGEN). Resulting in a staggering 308x gain. The investment transformed into $2.15 million, with the trader initially acquiring 277 million DEGEN on January 8th and later selling 77 million DEGEN for 134 ETH ($370,000), retaining 100 million DEGEN worth $1.79 million. DEGEN, launched on Base in January, is linked to Farcaster, a blockchain protocol for constructing social networks. The project’s focus is on empowering Farcaster’s ecosystem users to reward high-quality content creators and bridge the gap between online contributions and real-world value.
Lookonchain notes that affluent investors are amassing DEGEN and reaping substantial profits, with a notable whale purchasing 301.77 million DEGEN at $0.01, amounting to $3 million, and witnessing a profit exceeding $2.9 million at the current price. DEGEN, with a market cap of $197.6 million, is currently trading at $0.0166, marking a more than 10% decline in the past 24 hours.
Clever Robot News Desk 28th March 2024
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