Ether Trader Makes 750x Returns from Frog-Themed Meme Coin Investment
Summary:
An Ether (ETH) trader gained significant profit from a meme coin investment. About a month ago, the trader invested in Apu Apustaja (APU), a frog-themed meme coin, which later saw its value surge to nearly $200 million. The trader initially purchased nearly eight billion APU tokens, and despite buying in at just $8,300, saw returns peak at about $6.5 million. The trader transferred the funds to a different wallet, hinting at a potential sell-off. This case demonstrates varying approaches to meme coin investments, with some traders cashing out early and missing out on further gains, while others hold on to their investments longer for substantial profits.
A month ago, an Ether (ETH) trader put $8,300 into a meme-inspired digital currency based on a frog, resulting in a 750-fold increase in investment thanks to the token's meteoric rise. The meme token, known as Apu Apustaja (APU), saw its value surge on April 11, sending its market value close to $200 million. The trader's strategic investment in APU a month prior to its significant price hike was noticed by Lookonchain, a blockchain analytics company. The trader bought the APU meme token in four separate transactions on March 11, securing nearly eight billion tokens. The trader then made two more acquisitions, adding 300 million more tokens on March 13 and March 24, for a total expenditure of about 2.38 ETH, or around $8,300 in current value. Following the token's price surge to a peak of $0.0007907 on April 11, the trader’s holdings were valued at approximately $6.5 million. On the subsequent day, the trader moved the funds through six transactions to an alternate crypto wallet, which could indicate a wallet transfer or the intention to sell via a P2P transaction. Various theories were suggested by community members, with some commending the trader's continued hold on the tokens and others speculating it was a developer's wallet. Traders differ in their approaches, with some opting for long-term investment, while others deprive themselves of potential millions by cashing out too quickly. For instance, a trader missed out on potentially winning $2 million after buying 170 million BOME tokens and sold them for $131,000 before the value increased dramatically on March 15. Conversely, another memecoin trader transformed a $13,000 investment into a $2 million profit within an hour. This rapid gain occurred when the trader invested 4 ETH ($13,000) into nearly 500 million tokens of a memecoin called Donotfomoew (MOEW) on its day of release in a decentralized exchange, which then experienced a significant price surge.
Published At
4/12/2024 3:21:41 PM
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