The year 2024 hosted an unforgettable adventure in the crypto world. This journey, which started with Bitcoin breaking records, turned into a hurricane with the increasing interest of major institutions in cryptocurrencies. However, there is another phenomenon that should not be ignored in this crazy period: the meme coin craze. One of these phenomena that shook the internet was DEGEN coin. DEGEN is a crypto asset that attracts attention even with its name and is climbing new heights with its jaw-dropping return potential.
With the explosion of interest in DEGEN in the last 24 hours, the meme coin rose to an all-time high of $0.06. This means that not only the price is increasing, but also the excitement of investors. However, it is not enough to just look at the price to understand DEGEN’s popularity and the potential it promises.
An address named 1confirmation has a whopping DEGEN assets worth almost $100 million. The 435 ETH investment they made in February is now worth almost 100 times more. This is a striking example of how quickly and wildly cryptocurrencies can gain value.
In the past 24h, Memecoin DEGEN on the Base chain rose by more than 24% to a record high of $0.06. The address of 1confirmation holds 1,848,296,798 DEGEN, with a value close to $100 million. 1confirmation completed the lead investment in DEGEN on February 21 this year and…
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) April 1, 2024
However, DEGEN’s real journey has not yet begun. Some DEGEN tokens will be opened between August 2024 and February 2026. This means we should be ready for more surprises and volatility regarding this coin.
DEGEN Millionaire
Lookonchain to the analysis According to , a smart trader unusually turned an investment of just $18,000 into a stunning and unexpected gain of $5 million, resulting in a significant increase of 27,677%. In January, this trader started by investing 7.35 ETH ($18,000) in Degen (DEGEN) and buying 260 million DEGEN. He then sold 102.5 million DEGEN for 1.26 million USDC and now holds the remaining 157.5 million DEGEN tokens valued at $3.75 million.
To understand this tragedy, it is important to review the process from initial investment to sale. The trader entered the market with 7.35 ETH, which was worth approximately $18,000 at the time. However, with the rapid appreciation of DEGEN, the trader’s portfolio gained significant value.
Lookonchain also noted how an early Ethereum investor made a significant profit by selling a large amount of ETH. The investor in question sold 17,770 ETH at $3,503 for 62.24 million DAI on March 27. This investor accumulated 14,280 ETH between March 2017 and April 2021 at an average price of $182, which cost him $2.6 million. With this sale, he obtained $59 million, a 23-fold return on his investments.
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