The cryptocurrency world is full of surprises and risks. It is possible to reach the top or dive to the bottom in a short time. Even the mention of some token names by leading names in the market may be enough to send them to the moon. We were witnessing this mostly when Tesla CEO Elon Musk fired up Dogecoin. This time, Ethereum inventor Vitalik Buterin sent a meme coin to the moon.
Ethereum inventor said ‘Zuzalu’, meme coin reached the moon!
cryptokoin.comAs you can see from , the leading tokens of the market follow a slightly fluctuating trend. However, we are also witnessing extraordinary movements in small-scale and speculative tokens. We’ve seen this type of movement with meme coins before. Especially with the posts of Tesla CEO Elon Musk, we watched them send the original meme coin Dogecoin to the moon.
However, this time Ethereum inventor Vitalik Buterin was on stage. Buterin recently responded to a post mentioning ‘Zuzalu’. This is where the story started. The topic went beyond what Buterin was talking about, and a token called ZUZALU went on a moon trip. On-chain analytics platform Lookonchain soon followed suit. Following Buterin’s response, Lookonchain drew attention to the transactions of a trader who took advantage of the price movement of the meme coin. In this context, the analytics platform shared the following:
The meme coin ZUZALU began to skyrocket due to VitalikButerin responding to a tweet about “Zuzalu.” After seeing Vitalik’s answer, a smart trader immediately spent 0.4 ETH ($1,031) to buy 58 million ZUZALU and earned approximately $490 thousand in 3 days!
According to Lookonchain, the trader in question spent a total of 10 Ethereum ($25K) to buy 69.19M ZUZALU. He then sold 42.05 million ZUZALU for 55.6 ETH ($140 thousand). The trader currently has 27.14 million ZUZALU ($378 thousand) left. The analytics platform states that the trader’s total profit exceeded 490 thousand dollars.
Increase in local ETH on reboot protocols
According to on-chain analysis firm TK Research, there has been a significant increase in local ETH deposits to restructuring protocols over the past week. TK Research states that the biggest beneficiary is EigenLayer, with an increase of 168 thousand ETH. He notes that there has been an increase of more than twofold compared to the previous week.
EtherFi came in a distant second with a flow of 14.45 thousand ETH, indicating an increase of approximately 28%. Renzo Protocol witnessed a jump of 4.5k Ethereum (ETH), which is an impressive increase of 55%. Combined, the three protocols generated approximately 186.5 thousand ETH in deposits. Based on current market prices, this translates to more than $470 million of ETH locked in leading restructuring projects.
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