DENGEN Memecoin Meteoric Surge: Trader Turns $18,000 to $5 Million

2024 has been nothing short of a wild ride in the crypto world! It’s been a whirlwind of excitement, from Bitcoin smashing through record highs to major institutions diving headfirst into the crypto craze. But let’s not overlook the fun part – meme coins craze! They’ve taken the internet by storm, and one standout is the DEGEN coin.

The DEGEN coin soared to new heights with a jaw-dropping 100X return potential. Over the past 24 hours, DEGEN on the Base chain skyrocketed by a whopping 24% to hit an all-time high of $0.06.

one address, known as 1confirmation, owns a staggering 1,848,296,798 DEGEN, valued at almost $100 million. They put in 435 ETH in February, now worth nearly 100 times more. These tokens will be unlocked between August 2024 and February 2026.

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Talk about hitting the jackpot! Step in.

This surge is a sign of the bullish adoption of DEGEN within the Base ecosystem, where it has become a prominent vehicle for fundraising activities. Just last month, DEGEN successfully secured $1.5 million in grants, further solidifying its position as a promising project within the crypto space. 

DEGEN has joined the meme coin craze, riding the wave of popularity that has seen these digital assets soar in value. With meme tokens collectively worth a whopping $70.4 billion, DEGEN’s surge highlights its success and shows how meme coins are becoming a big deal in the bull market. 

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DEGEN Millionaires

According to Lookonchain analysis, these incredible gains were made by a smart trader who turned a mere $18,000 investment into a staggering $5 million windfall, achieving a remarkable 27,677% increase. In January, this trader invested 7.35 ETH ($18,000) in Degen (DEGEN) and acquired 260 million DEGEN tokens.

Subsequently, they sold 102.5 million DEGEN for 1.26 million USDC, holding onto the remaining 157.5 million DEGEN tokens, now valued at $3.75 million.

Despite DEGEN’s modest market capitalization of $328.57 million, its current trading price of $0.0258 reflects a 2.69% increase in the past 24 hours. This part of the token will be released from August 12, 2024, until February 12, 2026.

Lookonchain also noted how an early Ethereum investor made significant profits by selling a large amount of ETH. They sold 17,770 ETH for 62.24 million DAI at $3,503 on March 27th. This investor had accumulated 14,280 ETH at an average price of around $182 between March 2017 and April 2021, costing them $2.6 million.

With this sale, they gained $59 million, marking a 23x return on their investment. Currently, Ethereum is trading at $3,511, reflecting a 1.50% decrease in the last 24 hours.

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