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

An Ether (ETH) trader who invested $8,300 successful a frog-themed memecoin a period agone is present 750 times richer aft the token’s terms skyrocketed. 

On April 11, the terms of a memecoin called Apu Apustaja (APU) surged, sending its marketplace capitalization to astir $200 million.

Blockchain analytics steadfast Lookonchain flagged a trader’s determination to put successful APU a period earlier its caller terms action.

Price illustration for the APU memecoin. Source: DEX Screener

The trader made 4 transactions connected March 11, accumulating astir 8 cardinal Apu Apustaja (APU) tokens. The crypto trader added different 300 cardinal tokens successful 2 purchases — 1 connected March 13 and different connected March 24.

The trader spent a full of 2.38 ETH, presently worthy astir $8,300, connected the memecoin. On April 11, the token’s terms surged to a precocious of $0.0007907, making the tokens worthy astir $6.5 million.

On April 12, the memecoin trader made six transactions, transferring the funds to a antithetic crypto wallet. This could mean that the trader simply wanted to determination it to different wallet oregon has decided to merchantability the tokens done a peer-to-peer (P2P) transaction.

Trader transferring the tokens to different wallet. Source: Etherscan 

Community members besides shared their opinions astir what they believed whitethorn person happened. An X idiosyncratic praised the tokenholder for “still holding,” portion different assumed the crypto wallet belonged to a developer.

Related: Trader hits $2M jackpot aft putting $62 into a Solana memecoin

While galore traders amusement patience successful their strategies, immoderate rapidly currency successful connected their gains, missing retired connected imaginable millions.

On March 14, a trader bought astir 170 cardinal Book of Meme (BOME) tokens and sold them for $131,000 earlier the terms surged upward connected March 15. Based connected existent marketplace prices, the trader mislaid retired connected a imaginable $2 cardinal gain.

Meanwhile, different memecoin trader benefited from the frenzy, turning $13,000 into $2 cardinal successful conscionable 1 hour. On April 3, the trader caught upwind of a memecoin called Donotfomoew (MOEW) arsenic it debuted connected decentralized exchanges (DEXs).

The trader spent 4 ETH ($13,000) to bargain astir 500 cardinal MOEW, which became worthy astir $2 cardinal aft an hour.

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