A cryptocurrency whose owner has increased his profits by 300 times has been named

Editor’s note: not financial advice!

A trader has made huge profits after becoming the first investor in a new memecoin launched on the basis of Coinbase 's second-tier Ethereum (ETH) scaling solution, Base.

According to blockchain tracking company Lookonchain, the user made a 308-fold profit by using 3 ETH worth $ 6,991 in January to purchase Degen (DEGEN).

«By investing only 3 ETH in DEGEN, this trader earned $ 2.15 million, which is a 308-fold increase! He spent 3 ETH to buy 277 million DEGEN on January 8, then sold 77 million DEGEN for 134 ETH ($ 370,000), leaving him with 100 million DEGEN ($ 1.79 million).»

The DEGEN token, which launched on Base in January, is the first memtoken to take off on Farcaster, a blockchain protocol for building social networks. According to the memecoin’s website, the project aims to provide users of the Farcaster ecosystem with the ability to reward those who «publish quality content» and bridge the «gap between online contributions and real-world value.»

Wealthy investors continue to accumulate Degen and make huge profits, according to Lookonchain. «Keith spent 854 ETH ($ 3 million) to buy 301.77 million DEGEN at $ 0.01 in the last six days, becoming the seventh owner of DEGEN. At the current price, his profit on DEGEN exceeds $ 2.9 million!» the analysts emphasized.

No Worries strongly advises readers not to invest in dubious crypto projects and little-known digital assets!