Ethereum

DeFrogs

Elon Musk

<p class="is-style-lead">An unknown trader earned $166,000 from the growth of the DEFROGS cryptocurrency in just two days.</p> 
<p>Lookonchain analysts say the trader spent 0.26 Ethereum (<a href="https://crypto.news/price/Ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) to buy 100 DeFrogs coins (DEFROGS), with the user paying 0.178 ETH —about $423 — in gas fees, before selling 60 DEFROGS for 27.8 ETH, approximately $67,000.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">In just 2 days, this trader made $166K with only 0.26 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($613)!<br><br>This trader spent only 0.08 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($190) to buy 100 <a href="https://twitter.com/hashtag/DEFROGS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DEFROGS</a> using a high gas of 0.178 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($423), then sold 60 <a href="https://twitter.com/hashtag/DEFROGS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DEFROGS</a> for 27.8 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> ($67K).<br><br>He currently has 40 <a href="https://twitter.com/hashtag/DEFROGS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#DEFROGS</a>($100K) left, the total profit is ~166K! <a href="https://t.co/g0VtlKoKGM" target="_blank">pic.twitter.com/g0VtlKoKGM</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1755473148978622717?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The user still has 40 DEFROG coins left at their disposal, leaving a total profit of $166,000 for the trader. </p> 
<p>Some speculate that insiders could be responsible for the profits, with one comment on X suggesting that it is often developers of a project who reap the rewards early when a new coin increases in value. </p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">On devs make money</p>— Faketoshi Nakamoto🐐 (@Faketoshi_) <a href="https://twitter.com/Faketoshi_/status/1755474243817529481?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 8, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to <a href="https://crypto.news/tag/CoinMarketCap/" target="_blank" rel="noreferrer noopener">CoinMarketCap</a>, over the past 24 hours, the token has risen by more than 85%, increasing in price to $2,930 at the time of writing.</p> 
<p>At the same time, DEFROGS, a meme coin created based on the PEPE crypto project, launched only on Feb. 7. The developers claim that DEFROGS is a token of the new ERC-404 standard, which combines the properties of cryptocurrency and non-fungible tokens. As part of the project, the team has initially issued 10,000 tokens.</p> 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="595" src="https://crypto.news/app/uploads/2024/02/Screenshot-2024-02-08-at-11.25.31-1024x595.png" alt="Memecoin craze sees one trader reap over 100k in profits on newly listed DEFROG - 25" class="wp-image-14246474">
 <figcaption class="wp-element-caption">
  Source: CoinMarketCap
 </figcaption>
</figure> 
<p>Earlier, an unknown trader <a href="https://crypto.news/pork-token-turns-into-huge-gains-for-one-trader/" target="_blank" rel="noreferrer noopener">purchased</a> 5 ETH ($11,715) worth of PORK tokens seven minutes after trading opened and earned $3.3 million in three days. Of the 9.5 trillion PORK purchased, the trader sold 6.3 trillion PORK for 329 ETH (about $765,000). The remaining 3.2 trillion PORK the trader is holding is worth approximately $2.55 million in unrealized gains.</p> 
<p> You might also like: <a href="https://crypto.news/trader-turns-4-3-eth-into-1m-after-elon-musk-became-cto/"> Trader turns 4.3 ETH into $1m after Elon Musk became CTO </a> </p>

Memecoin craze sees one trader reap over 100k in profits on newly listed DEFROG

crypto.news

Other articles published on Feb 8, 2024

XRP Price Prediction as Whales Ramp Up Bullish Bets Despite Slump – Huge Pump Incoming?

Arm stock surges 30% as AI chip demand ignites

Here Is A Mysterious Accumulation Of Massive Amounts Of Chainlink (LINK), Who’s Behind This Move?

Gary Gensler: The Man Behind SEC

ECB connects recession risks to low borrowing costs

$355 Bitcoin Shuffle Unfolds on Coinbase as BTC Price Eyes 27% Upside

Join our free newsletter for daily crypto updates!