<\/p>\n
A trader is enjoying massive gains after being an early investor in a new memecoin launched on Coinbase\u2019s Ethereum (ETH<\/a>) layer-2 scaling solution Base.<\/p>\n According to blockchain tracking firm Lookonchain, one savvy trader achieved<\/a> a 308x gain after using three ETH worth $6,991 in January to purchase Degen (DEGEN<\/a>).<\/p>\n \u201cOnly invested three ETH ($6,991) on DEGEN, this trader made $2.15 million, a gain of 308x! He spent three ETH ($6,991) to buy 277 million DEGEN on January 8th, then sold 77 million DEGEN for 134 ETH ($370,000), with 100 million DEGEN ($1.79 million) left.\u201d <\/em><\/p>\n DEGEN, which launched on Base in January, is the first memecoin to soar on Farcaster, a blockchain protocol for building social networks. According to the memecoin\u2019s website<\/a>, the project aims to give users of Farcaster\u2019s ecosystem the ability to reward those \u201cposting quality content\u201d and bridge \u201cthe gap between online contributions and real-world value.\u201d<\/p>\n Deep-pocketed investors continue to accumulate<\/a> Degen and make massive profits, according to Lookonchain.<\/p>\n \u201cA whale spent 854 ETH ($3 million) to buy 301.77 million DEGEN at $0.01 in the past six days, becoming the seventh holder of DEGEN. At the current price, his profit on DEGEN exceeds $2.9 million!\u201d <\/em><\/p>\n DEGEN, which has a market cap of $197.6 million, is trading for $0.0166 at time of writing, down more than 10% in the last 24 hours.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>  <\/p>\n Generated Image: DALLE3<\/em><\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" A trader is enjoying massive gains after being an early investor in a new memecoin launched on Coinbase\u2019s Ethereum (ETH) layer-2 scaling solution Base. According to blockchain tracking firm Lookonchain, one savvy trader achieved a 308x gain after using three ETH worth $6,991 in January to purchase Degen (DEGEN). \u201cOnly invested three ETH ($6,991) on […]<\/p>\n","protected":false},"author":2,"featured_media":272535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-272534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=272534"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272534\/revisions"}],"predecessor-version":[{"id":272538,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/272534\/revisions\/272538"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/272535"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=272534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=272534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=272534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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