Trader’s $18,000 Investment in DENGEN Memecoin Skyrockets to $5 Million
The year 2024 has been an incredibly eventful time for the world of cryptocurrency. It has been a whirlwind of excitement, with Bitcoin reaching new record highs and major institutions diving headfirst into the crypto craze. But amidst all the chaos, let’s not forget about the fun part – the meme coin craze! These coins have taken the internet by storm, and one that stands out among the rest is the DEGEN coin.
In the past 24 hours, the DEGEN coin on the Base chain has experienced a remarkable surge, rising by an impressive 24% to reach an all-time high of $0.06. What’s even more astounding is that 1confirmation, a single address, holds a mind-boggling 1,848,296,798 DEGEN coins, which are valued at nearly $100 million. This address made a lead investment in DEGEN back in February and has seen its investment grow exponentially.
This surge in the DEGEN coin’s value is a clear indication of its growing popularity 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 ranks of meme coins that have seen a significant increase in value. With meme tokens collectively valued at a staggering $70.4 billion, DEGEN’s surge highlights its success and demonstrates how meme coins are becoming a major player in the bullish market.
But perhaps the most impressive part of this story is the incredible gains made by a smart trader. This trader turned a modest $18,000 investment into a jaw-dropping $5 million windfall, achieving an astonishing 27,677% increase. They invested in DEGEN back in January, acquiring 260 million DEGEN tokens. They sold a portion of their holdings, earning $1.26 million, but still hold onto 157.5 million DEGEN tokens, now valued at $3.75 million.
Despite DEGEN’s relatively small market capitalization of $328.57 million, its current trading price of $0.0258 reflects a 2.69% increase in the past 24 hours. This portion of the token will be gradually released between August 12, 2024, and February 12, 2026.
In addition to the DEGEN coin’s success, Lookonchain also highlighted the profits made by an early Ethereum investor. This investor sold a significant amount of ETH, earning $59 million and achieving a 23x return on their investment. Currently, Ethereum is trading at $3,511, with a slight decrease of 1.50% in the last 24 hours.
In conclusion, the crypto world in 2024 has been nothing short of wild, with the DEGEN coin soaring to new heights and smart traders making incredible profits. The rise of meme coins like DEGEN is a testament to the growing influence and potential of these digital assets in the bull market.