A savvy trader has made a fortune after investing early in a new memecoin called Degen (DEGEN).
Massive Gains
According to blockchain firm Lookonchain, the trader purchased 277 million DEGEN with just three Ethereum (ETH) worth $6,991 in January. They then sold a portion of their holdings for 134 ETH ($370,000), leaving them with 100 million DEGEN worth $1.79 million.
Whale Accumulation
Deep-pocketed investors have been accumulating DEGEN, with one whale spending $3 million to buy 301.77 million DEGEN. This whale’s profit now exceeds $2.9 million.
About Degen
DEGEN is a memecoin for Farcaster, a blockchain protocol for social networks. It aims to reward users for posting quality content and bridge the gap between online contributions and real-world value.
Market Performance
As of writing, DEGEN has a market cap of $197.6 million and is trading at $0.0166. However, it has lost over 10% in the past 24 hours.
