Traders earn over 27,600% on Memecoin built on base layer 2 blockchain: Lookonchain

One trader made over 27,600% profit after investing in meme coins launched on Ethereum (ETH) layer 2 scaling solution Base.

According to blockchain tracking company Lookonchain, one savvy trader: turned around After acquiring Degen (DEGEN) in January, $18,000 became $5 million, a gain of 27,677%.

“By investing just 7.35 ETH ($18,000) in DEGEN, this trader made around $5 million, a 272x profit. He invested 7.35 ETH ($18,000) on January 15 and January 21. After that, he sold 102.5 million DEGEN for 1.26 million USDC, leaving him with 157.5 million DEGEN (3.75 million).

DEGEN has a market capitalization of $328.57 million, but at the time of writing, it was trading at $0.0258, up 2.69% in the past 24 hours.

Look’n chain too Noticed In the early days of Ethereum, investors with deep pockets suddenly sold large amounts of top altcoins in order to make huge profits.

“Early ETH holders sold 17,770 ETH for 62.24 million DAI for $3,503.” [on March 27th]. He accumulated 14,280 ETH (cost $2.6 million) from Gemini and Bittrex in March 2017 and April 2021 at an average price of just ~$182.

Profit was $59 million, a 23x increase. ”

At the time of writing, Ethereum was trading at $3,511, down 1.50% in the past 24 hours.

Finally look chain spotted An investor quickly turned 50 Solana (SOL) into 2,828 SOL by trading Solana-based Meme Coin Cat on Dogs World (MEW).

“Starting with just 50 SOL, this trader grew it to 2,828 SOL ($531,000) in just two days.

Let’s see how he did it.

The trader discovered MEW 20 minutes into the trade and withdrew 50 Sol from MEXC to buy it. He used his 30 SOL to buy 368.3 million MEW and 220.02 million MEW which he sold for 2,828 SOL ($530,000). He still has 168.02 million MEW ($353,000) left, giving him a total profit of about $877,000. ”

Source: Lookonchain/X

At the time of writing, MEW is valued at $0.00548, up over 113% in the past day.

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