Early investors in the new memecoin on Coinbase’s Ethereum have seen massive returns.ETH( Base layer-2 scaling solution.
One savvy trader, according to Lookonchain blockchain tracking company achieved A 308x increase after purchasing Degen in January with three ETH valued at $6,991 (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 is a Farcaster memecoin, which was launched in Base on January. Farcaster is a protocol that uses blockchain technology to build social networks. The memecoin claims to be based on the blockchain protocol Farcaster, which is used for creating social networks. websiteThe Farcaster project is a reward system that allows users of the ecosystem to recognize and reward each other. “posting quality content” Bridge “the gap between online contributions and real-world value.”
Investors with deep pockets continue to invest accumulate Lookonchain says that you can make huge profits by degenerating.
“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 has a $197.6-million market capitalization and is currently trading at $0.0166, a drop of more than 10% over the past 24 hours.
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