Trader hits $6M pay dirt after spending $8K on Ethereum memecoin

cyptouser2 months agoCryptocurrencies News29
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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 Screener

The 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: Etherscan 

Community 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

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