An anonymous cryptocurrency trader managed to turn a $113,000 investment into a staggering $3.4 million by trading a memecoin called DEGEN. The trader bridged 38 ETH ($113K) to Base on February 22nd and then purchased 85.36 million DEGEN with 31.6 ETH ($108K) on March 2nd.
His recent sale of 72.73 million DEGEN earned the trader $2.83 million USD, leaving the whale with 12.6 million (worth $600 thousand) DEGEN.
In another extraordinary incident, an investor not only earned $1.35 million from a memecoin called BOME, but also earned over $90 million from a memecoin called MEW. The investor spent SOL 5,490 ($1.07 million) to acquire 9.58 billion MEW, representing 10.8% of the total supply. Unrealized profits from this venture now exceed $90 million.
However, although some traders earn impressive amounts from memecoins, most traders lose money in these very risky cryptocurrencies.
In another development, the whale with short address 0x506 (yfimaxi.eth) was observed to change position from LDO to SHIB. Whale recently sold 131.297 LDO ($369k) at $2.80 and bought 1.5 billion FLOKI at $0.0002465.
*This is not investment advice.
