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

An Ether ( ETH ) trader who invested $8,300 in a frog-themed memecoin a month ago is now 750 times richer after the token’s price skyrocketed. 

On April 11, the price of a memecoin called Apu Apustaja (APU) surged, sending its market capitalization to almost $200 million.

Blockchain analytics firm Lookonchain flagged a trader’s move to invest in APU a month before its recent price action.

The trader made four transactions on March 11, accumulating about eight billion Apu Apustaja (APU) tokens. The crypto trader added another 300 million tokens in two purchases — one on March 13 and another on March 24.

The trader spent a total of 2.38 ETH, currently worth about $8,300, on the memecoin. On April 11, the token’s price surged to a high of $0.0007907, making the tokens worth around $6.5 million.

On April 12, the memecoin trader made six transactions, transferring the funds to a different crypto wallet. This could mean that the trader simply wanted to move it to another wallet or has decided to sell the tokens through a peer-to-peer (P2P) transaction.

Community members also shared their opinions about what they believed may have happened. An X user praised the tokenholder for “still holding,” while another assumed the crypto wallet belonged to a developer.

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

While many traders show patience in their strategies, some quickly cash in on their gains, missing out on potential millions.

On March 14, a trader bought about 170 million Book of Meme (BOME) tokens and sold them for $131,000 before the price surged upward on March 15. Based on current market prices, the trader lost out on a potential $2 million gain.

Meanwhile, another memecoin trader benefited from the frenzy, turning $13,000 into $2 million in just one hour. On April 3, the trader caught wind of a memecoin called Donotfomoew (MOEW) as it debuted on decentralized exchanges (DEXs).

The trader spent 4 ETH ($13,000) to buy almost 500 million MOEW, which became worth about $2 million after an hour.

Magazine: Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market