Trader Nets Over 27,600% in Profit on a Memecoin Built on the Base Layer-2 Blockchain: Lookonchain

March 30, 2024

A trader is seeing over 27,600% in profits after investing in a memecoin launched on the Ethereum (ETH) layer-2 scaling solution Base.

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

“Only invested 7.35 ETH ($18,000) on DEGEN, this trader made ~$5 million, a gain of 272x! He spent 7.35 ETH ($18,000) to buy 260 million DEGEN on January 15th and January 21st. Then sold 102.5 million DEGEN for 1.26 million USDC, with 157.5 million DEGEN (3.75 million) left.”

DEGEN, which has a market cap of $328.57 million, is trading for $0.0258 at time of writing, up 2.69% in the last 24 hours.

Lookonchain also noticed that a deep-pocketed early Ethereum investor suddenly sold a massive amount of the top altcoin for huge profits.

“An early holder of ETH sold 17,770 ETH for 62.24 million DAI at $3,503 [on March 27th]. He accumulated 14,280 ETH (cost $2.6 million) at an average price of only ~$182 from Gemini and Bittrex from March 2017 and April 2021.

The profit is $59 million, a gain of 23x!”

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

Lastly, Lookonchain spotted one investor quickly turning 50 Solana (SOL) into 2,828 SOL by trading Solana-based memecoin cat in a dogs world (MEW).

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

Let’s see how he did it.

The trader spotted MEW 20 minutes after opening trading and withdrew 50 SOL from MEXC to buy it. He spent 30 SOL to buy 368.3 million MEW and sold 200.2 million MEW for 2,828 SOL ($530,000). He still has 168.02 million MEW ($353,000) left, and the total profit is ~$877,000.”