The recent meme coin frenzy in cryptocurrencies continues unabated. During this period, numerous new projects emerged, creating their own millionaires. The process that started with BOME has triggered a succession of projects, and this phenomenon has now spread to the Base network from the Solana network. An investor on the Base network became the owner of a massive gain.
New Wealth on the Base Network
A trader appears to have made significant profits after becoming an early investor in a memecoin created on Base, which serves as Coinbase‘s Ethereum (ETH) layer-2 scaling solution.
According to data provided by blockchain tracking firm Lookonchain, a trader achieved a 308x gain after conducting a transaction worth three ETH, valued at $6,991, to purchase Degen (DEGEN) in January.
This trader, who invested only three ETH ($6,991) in DEGEN, gained 308 times, earning $2.15 million! On January 8th, they spent three ETH ($6,991) to buy 277 million DEGEN, then sold 77 million DEGEN for 134 ETH ($370,000), leaving behind 100 million DEGEN worth $1.79 million.
The History of DEGEN
DEGEN, which emerged on the Base network in January, serves as a memecoin for the blockchain protocol Farcaster, which aims to create social networks.
Looking at the memecoin’s website, the project aims to reward “quality content publishers” in Farcaster’s ecosystem and bridge the gap between “online contributions and real-world value.”
According to data from Lookonchain, some wallet addresses that have made significant investments continue to purchase DEGEN at full speed, continuing to reap large profits.
A whale spent 854 ETH ($3 million) over the past six days to purchase 301.77 million DEGEN at $0.01 each, becoming DEGEN’s seventh owner. Based on the current price, their profit from DEGEN exceeds $2.9 million!
While all this is happening, DEGEN, which has reached a market value of $197.6 million, has experienced a drop of more than 10% in the last 24 hours and continues to trade at $0.0166 at the time of writing.
On the other hand, all eyes were on the Bitcoin price. The price of Bitcoin rose above $68,900 during the minutes when Blackrock’s CEO made statements, but it fell back to $68,786.62 and continues to trade at this level.
