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Home»ALTCOIN NEWS»Trader gained over 27,600% on Memecoin, built on a native layer-2 blockchain: Lookonchain
ALTCOIN NEWS

Trader gained over 27,600% on Memecoin, built on a native layer-2 blockchain: Lookonchain

By Crypto FlexsMarch 30, 20243 Mins Read
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Trader gained over 27,600% on Memecoin, built on a native layer-2 blockchain: Lookonchain
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Traders are seeing returns of over 27,600% after investing in Memecoin, launched on Ethereum (ETH) layer 2 scaling solution Base.

According to Lookonchain, a blockchain tracking company, one smart trader turned After purchasing Degen (DEGEN) in January I turned $18,000 into $5 million – a gain of 27,677%.

“Investing only 7.35 ETH ($18,000) in DEGEN, this trader earned ~$5 million, a 272x profit! He purchased 260 million DEGEN using 7.35 ETH ($18,000) on January 15 and January 21. He then sells 102.5 million DEGEN for 1.26 million USDC, leaving him with 157.5 million DEGEN (3.75 million).”

DEGEN, with a market capitalization of $328.57 million, is trading at $0.0258 at the time of writing, up 2.69% over the last 24 hours.

Look on chain too notice The idea is that deep-pocketed early Ethereum investors were suddenly selling huge amounts of top altcoins for huge profits.

“Initial holders of ETH sold 17,770 ETH at $3,503 for 62.24 million DAI (March 27). He accumulated 14,280 ETH ($2.6 million cost) from Gemini and Bittrex between March 2017 and April 2021 at an average price of ~$182.

Profits were $59 million, a 23x profit!”

At the time of writing, Ethereum is trading at $3,511, down 1.50% in the last 24 hours.

Finally, Lookonchain spotted One investor quickly converted 50 Solana (SOL) into 2,828 SOL by trading the Solana-based memecoin Cat on Dog World (MEW).

“Starting with just 50 SOL, this trader turned it into 2,828 SOL ($531,000) in just two days!

Let’s see how he did.

The trader discovered MEW 20 minutes into trading and withdrew 50 SOL from MEXC to purchase it. He used 30 SOL to buy 368.3 million MEW and sold 200 million MEW for 2,828 SOL ($530,000). He still has 168.02 million MEW ($353,000) remaining, for a total profit of ~$877,000.”

Source: Lookonchain/X

As of this writing, MEW is worth $0.00548, up more than 113% in the past day.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you are responsible for any losses that may occur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

Image created: DALLE3

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