A trader is enjoying massive gains after being an early investor in a new memecoin launched on Coinbase’s Ethereum (ETH) layer-2 scaling solution Base.
According to blockchain tracking firm Lookonchain, one savvy trader achieved a 308x gain after using three ETH worth $6,991 in January to purchase 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 first memecoin to soar on Farcaster, a blockchain protocol for building social networks. According to the memecoin’s website, the project aims to give users of Farcaster’s ecosystem the ability to reward those “posting quality content” and bridge “the gap between online contributions and real-world value.”
Deep-pocketed investors continue to accumulate Degen and make massive profits, according to 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 trading for $0.0166 at time of writing, down more than 10% in the last 24 hours.
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