After spending 8 thousand dollars on Ethereum memecoin, the trader received a payment of 6 million dollars
An Ether (ETH) trader who invested $8,300 in 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 close to $200 million.
Blockchain analytics firm Lookonchain pointed to a trader's move to invest in APU a month before the recent price action.
The trader made four transactions on March 11, accumulating nearly 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 about $8,300, on memecoin. On April 11, the token's price rose to $0.0007907, making the tokens worth about $6.5 million.
On April 12, a memecoin trader made six transactions, transferring the money to another crypto wallet. This means that the trader simply wants to transfer to another wallet or decides to sell the tokens in a peer-to-peer (P2P) transaction.
Community members shared their thoughts on what they believed happened. One X user praised the token holder as “still holding it,” while another speculated that the crypto wallet belonged to a developer.
Related: Trader hits $2M jackpot after depositing $62 into Solana memecoin
Although many traders show patience in their strategies, some lose their profits quickly, potentially losing millions.
On March 14, a trader bought about 170 million Book of Meme (BOME) tokens and sold them for $131,000 before the price went up on March 15. Based on the current market price, the trader has lost a potential profit of $2 million.
Meanwhile, another memecoin trader benefited from the fruit, turning $13,000 into $2 million in an hour. On April 3, the trader caught wind of a memecoin called Donotfomoew (MOEW) when it launched on decentralized exchanges (DEXs).
The trader spent 4 ETH ($13,000) to buy 500 million MOEW, which increased to $2 million an hour later.
Magazine: Syntex founder Cain Warwick: It's DeFi, not the market.
