Trader Bags $5M Profit on Ethereum Memecoin, 27,677% Return

A trader has experienced extraordinary profits of over 27,600% by investing in a memecoin on the Ethereum scaling solution Base. By purchasing DEGEN in January, the trader initially invested $18,000, which has now grown to an astounding $5 million. Other notable gains include an early Ethereum investor selling ETH for a $59 million profit and an investor who turned 50 SOL into 2,828 SOL by trading the memecoin cat in a dogs world (MEW).

Trader Reaps Extraordinary Profits of 27,677% on Ethereum-Based Memecoin

In a remarkable display of investment acumen, a savvy trader has realized a staggering 27,677% profit by investing in Degen (DEGEN), a memecoin launched on Ethereum's layer-2 scaling solution, Base.

According to data from blockchain tracking firm Lookonchain, the trader initially invested $18,000 in DEGEN in January. They subsequently sold a portion of their holdings for a profit of $5 million, translating to a return of over 272 times their initial investment.

DEGEN, which currently has a market capitalization of $328.57 million, was trading at $0.0258 at the time of publication, representing a 2.69% increase over the previous 24 hours.

Deep-Pocketed Ethereum Investor Unloads Holdings for Hefty Profits

Lookonchain's analysis also revealed that a prominent early investor in Ethereum recently sold a substantial amount of the cryptocurrency for substantial profits.

The investor, who had accumulated a significant amount of ETH at an average price of approximately $182 per coin, sold 17,770 ETH for 62.24 million DAI, netting a profit of $59 million, a remarkable 23-fold return on their initial investment.

Trader Turns Solana into Solana-Based Memecoin Fortune

In another remarkable trading maneuver, Lookonchain identified an investor who converted 50 Solana (SOL) into 2,828 SOL, equivalent to $531,000, in just two days.

The trader initiated their investment by purchasing Solana-based memecoin cat in a dogs world (MEW) 20 minutes after it opened for trading. They invested 30 SOL to acquire 368.3 million MEW, subsequently selling 200.2 million MEW for 2,828 SOL, netting an impressive profit of approximately $877,000.

At the time of publication, MEW was valued at $0.00548, reflecting an increase of over 113% over the preceding day.

These extraordinary trading successes serve as a testament to the potential for significant profits in the cryptocurrency market. However, it is crucial to exercise caution and conduct thorough research before making any investment decisions.