Based

Synthetix

Apu Apustaja

An Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) trader who invested $8,300 in a frog-themed memecoin a month ago is now 750 times richer after the token’s price skyrocketed.&nbsp;
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 <a href="https://twitter.com/lookonchain/status/1778465141669167401" target="_blank" rel="noopener nofollow">flagged</a> a trader’s move to invest in APU a month before its recent price action. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/c80f926d-c6e2-44c8-b04f-c8b3bc19045b.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Price chart for the APU memecoin. Source: DEX Screener
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The trader <a href="https://etherscan.io/token/0x594daad7d77592a2b97b725a7ad59d7e188b5bfa?a=0x85ba972f2c14a7a2aca7d3820316eaf14a65c2da" target="_blank" rel="noopener nofollow">made</a> 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. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/d02cb9e4-5bb5-42f3-be3e-3474d49342dc.jpg" alt="" title="">
 <figcaption style="text-align: center;">
 Trader transferring the tokens to another wallet. Source: Etherscan&nbsp;
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</figure>
Community members also shared their opinions about what they believed may have happened. An X user <a href="https://twitter.com/esatoshiclub/status/1778465287869706471" target="_blank" rel="noopener nofollow">praised</a> the tokenholder for “still holding,” while another <a href="https://twitter.com/Nakameowdough/status/1778466078382870578" target="_blank" rel="noopener nofollow">assumed</a> the crypto wallet belonged to a developer. 
Related: <a href="https://cointelegraph.com/news/trader-gains-2-million-solana-memecoin-frenzy">Trader hits $2M jackpot after putting $62 into a Solana memecoin</a>
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 <a href="https://cointelegraph.com/news/trader-fumbles-1-million-solana-memecoin-frenzy">sold them for $131,000</a> 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 <a href="https://cointelegraph.com/news/trader-turns-13k-2-million-within-1-hour-memecoin-frenzy">caught wind of a memecoin</a> 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: <a href="https://cointelegraph.com/magazine/defi-wrong-not-market-synthetix-founders-plan-to-fix-it/">Synthetix founder Kain Warwick: It’s DeFi that’s wrong, not the market</a>

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

Cointelegraph

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