New and exciting opportunities arise all the time in the cryptocurrency market, but some are more striking than others. A recent event showed how big these opportunities can be. An investor made jaw-dropping gains by investing early in a new meme coin launched on Base, Coinbase’s Ethereum (ETH) layer-2 scaling solution.
Blockchain tracking firm to Lookonchain According to the report, this investor, who used three ETH worth $ 6,991 to buy Degen (DEGEN) in January, subsequently gained 308 times. This event showed once again that the cryptocurrency world is always full of surprises and how important the right move at the right time is.
“Investing only three ETH ($6,991) in DEGEN, the trader earned $2.15 million, which is 308 times earnings! On January 8, he spent three ETH ($6,991) to buy 277 million DEGEN, then sold 77 million DEGEN for 134 ETH ($370,000), leaving 100 million DEGEN ($1.79 million).”
Launched on Base in January, DEGEN became the first memecoin to rise on Farcaster, a blockchain protocol for building social networks. According to Memecoin’s website, the project aims to give users of the Farcaster ecosystem the ability to reward “those who post quality content” and close the “gap between online contributions and real-world value.” This could be the beginning of a new era in the cryptocurrency world, and the success of the project could increase interest in similar projects in the future.
to Lookonchain According to wealthy investors Degen continues to accumulate and make huge profits.
“A whale spent 854 ETH ($3 million) to buy 301.77 million DEGEN at $0.01 in the last six days, becoming the seventh largest holder of DEGEN. At the current price, his profit in DEGEN exceeds 2.9 million dollars!”
NEWS CONTINUES BELOW
DEGEN, which has a market value of $197.6 million, is trading at $0.0166, with a decrease of more than 10% in the last 24 hours.
On the other hand, the risks of such investments should not be ignored. The Meme coin market is a highly volatile market and although it is possible to make large profits, large losses can also occur. Therefore, it is important for every investor to do their own research and consider the risks. Although it offers great opportunities for some, cryptocurrency investments may not be suitable for everyone.
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