One crypto trader’s journey from investing $113,000 to raising $3.4 million exemplifies the lucrative potential of meme coins on the Base network.
Insights from Lookonchain demonstrate this amazing economic feat and highlight the extraordinary profit potential from trading meme coins.
Crypto Whale continues to accumulate base meme coins
trader started Their business was made possible by bridging 38 Ethereum (ETH) worth approximately $113,000 to Base. They then used 31.6 ETH (approximately $108,000) to purchase 85.36 million DEGEN on March 2nd.
Notably, this trader sold 72.73 million DEGEN for 2.83 million USDC and now holds 12.6 million DEGEN worth $600,000.
Since its release in early 2024, DEGEN has gained traction, especially on platforms such as Warpcast and other Farcaster-developed DApps. The community's enthusiasm for tips reflects SocialFi's growing influence.
DEGEN's value has increased by more than 4,400% in the last month due to the surprising changes in the market. Despite this, prominent investors are still buying DEGEN, showing that market confidence persists.
For example, some high-profile transactions involved crypto whales. purchase 38.95 million DEGEN and 552 ETH (approximately $2 million), indicating significant market activity.
Read more: 7 Best Basechain Meme Coins to Watch in 2024
Furthermore, the transition from Solana to the Base meme coin marks a pivotal trend change. Analyst Recto Fencer, who previously leveraged the Solana meme coin, now supports the base token and says it has the potential for significant gains. In addition, Coinbase plans to launch a service that will enable seamless trading on Base for its 100 million users, further increasing the attractiveness of the platform.
The move to Base signals a strategic search for new channels of wealth in the crypto space. Leveraging strong community support and social media influence, meme coins offer considerable economic opportunity if approached strategically.
A strong community is essential for a meme coin to thrive. Tokens with active online engagement often predict growth potential. Despite some skepticism, the economic impact of meme coins is clear, and proponents like Fencer are urging traders to take advantage of this trend and reap big profits.
Ethereum's Vitalik Buterin envisions meme coins supporting social causes and promoting the fusion of entertainment and philanthropy. He champions quality initiatives that go beyond mere user appeal and have a positive impact on society.
Read more: 7 hot meme coins and altcoins that will be trending in 2024
Conversely, Solana Institute's Anatoly Yakovenko criticizes the use of philanthropy to legitimize meme coins, arguing for personal actions to be more influential than financial ones.
“I hope people who hold meme coins change their behavior and do something good, like walking dogs at dog shelters and encouraging other holders to do the same. I think so,” Yakovenko said. Said.
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