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Base Meme Coin Season: How Crypto Trader Turned $113,000 Into Millions

2 mins
Updated by Dani P
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In Brief

  • Crypto trader transforms $113,000 into $3.4 million via Base's DEGEN coin, with a 4,400% value increase last month.
  • Notable crypto whale buys 38.95 million DEGEN for $2 million, highlighting significant market activity in Base meme coins.
  • Transition to Base meme coins reflects strategic shift, with Coinbase's upcoming service for 100 million users boosting its appeal.
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A crypto trader’s journey from investing $113,000 to amassing $3.4 million exemplifies the lucrative potential of meme coins on the Base network.

Insights from Lookonchain showcase this remarkable financial feat, highlighting the potential of exceptional returns from trading meme coins.

Crypto Whale Continues Accumulating Base Meme Coin

The trader initiated his venture by bridging 38 Ethereum (ETH), approximately worth $113,000, to Base. Subsequently, they bought 85.36 million Degen (DEGEN) using 31.6 ETH (~$108,000) on March 2.

Remarkably, the trader sold 72.73 million DEGEN for 2.83 million USDC, still holding 12.6 million DEGEN, now worth $600,000.

Since its launch in early 2024, DEGEN has gained traction, especially on platforms like Warpcast and other Farcaster-developed DApps. Its community’s enthusiasm for tipping reflects the growing influence of SocialFi.

In a stunning market turn, DEGEN’s value escalated by over 4,400% last month. Despite this, notable investors are still acquiring DEGEN, signaling enduring market faith.

For instance, a prominent transaction involved a crypto whale purchasing 38.95 million DEGEN with 552 ETH (~ $2 million), showcasing significant market activities.

Read more: 7 Best Base Chain Meme Coins to Watch in 2024

Degen Price Performance
Degen Price Performance. Source: DexTools

Moreover, the shift from Solana to Base meme coins marks a pivotal trend shift. Analyst Rekt Fencer, who previously capitalized on Solana meme coins, now champions Base tokens, citing their potential for substantial gains. Additionally, Coinbase is set to launch services allowing seamless trading on Base for its 100 million users, further enhancing the platform’s appeal.

Transitioning to Base indicates a strategic search for new wealth channels in the crypto sphere. Meme coins, powered by strong community support and social media influence, offer considerable financial opportunities if approached strategically.

A robust community is crucial for a meme coin’s prosperity. Tokens with active online engagement often forecast potential growth. Despite some skepticism, the economic impact of meme coins is palpable, with advocates like Fencer urging traders to leverage this trend for significant earnings.

Ethereum’s Vitalik Buterin envisions meme coins aiding societal causes, promoting a fusion of entertainment and philanthropy. He champions quality initiatives that positively impact society, extending beyond user attraction.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Conversely, Anatoly Yakovenko of Solana Labs criticizes justifying meme coins through charity, advocating for impactful personal actions over financial gestures.

“I’d rather see people that hodl a memecoin change their behavior and go do something good, like walk dogs at a dog shelter and encourage other hodlers to do the same,” Yakovenko said.

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...