Trader hits $6M pay dirt after spending $8K on Ethereum memecoin
An Ether ( ETH ) trader who invested $8,300 in a frog-themed memecoin a month ago is now 750 times richer after the token’s price skyrocketed.
On April 11, the price of a memecoin called Apu Apustaja (APU) surged, sending its market capitalization to almost $200 million.
Blockchain analytics firm Lookonchain flagged a trader’s move to invest in APU a month before its recent price action.
Price chart for the APU memecoin. Source: DEX ScreenerThe trader made four transactions on March 11, accumulating about eight billion Apu Apustaja (APU) tokens. The crypto trader added another 300 million tokens in two purchases — one on March 13 and another on March 24.
The trader spent a total of 2.38 ETH, currently worth about $8,300, on the memecoin. On April 11, the token’s price surged to a high of $0.0007907, making the tokens worth around $6.5 million.
On April 12, the memecoin trader made six transactions, transferring the funds to a different crypto wallet. This could mean that the trader simply wanted to move it to another wallet or has decided to sell the tokens through a peer-to-peer (P2P) transaction.
Trader transferring the tokens to another wallet. Source: EtherscanCommunity members also shared their opinions about what they believed may have happened. An X user praised the tokenholder for “still holding,” while another assumed the crypto wallet belonged to a developer.
Related: Trader hits $2M jackpot after putting $62 into a Solana memecoin
While many traders show patience in their strategies, some quickly cash in on their gains, missing out on potential millions.
On March 14, a trader bought about 170 million Book of Meme (BOME) tokens and sold them for $131,000 before the price surged upward on March 15. Based on current market prices, the trader lost out on a potential $2 million gain.
Meanwhile, another memecoin trader benefited from the frenzy, turning $13,000 into $2 million in just one hour. On April 3, the trader caught wind of a memecoin called Donotfomoew (MOEW) as it debuted on decentralized exchanges (DEXs).
The trader spent 4 ETH ($13,000) to buy almost 500 million MOEW, which became worth about $2 million after an hour.
Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Grayscale Adds XRP, Solana, Stellar to Private Placement Trusts
Cardano Network Activity Hits 2023 Highs: Is $1.5 ADA Possible?
Chill Guy (CHILLGUY): The Meme Coin That’s All About Taking It Easy
What is Chill Guy (CHILLGUY)? Chill Guy (CHILLGUY) is a meme coin on Solana that embodies the spirit of calmness and simplicity. The meme coin is inspired by a viral meme of a relaxed, low-key dog. It’s a meme that has taken the internet by storm, celebrating the art of not worrying. The character
MARA urges US to lead Bitcoin hash rate for sovereignty