An Ether (ETH) trader, who took a chance and invested $8,300 in a frog-themed memecoin a month ago, is now reaping the rewards as the token’s price has skyrocketed. On April 11, the price of the memecoin, known as Apu Apustaja (APU), surged, causing its market capitalization to reach nearly $200 million. Blockchain analytics firm Lookonchain had previously highlighted a trader’s decision to invest in APU a month prior to its recent price surge.
The trader conducted four transactions on March 11, accumulating approximately eight billion Apu Apustaja (APU) tokens. They also purchased an additional 300 million tokens in two separate transactions, one on March 13 and another on March 24. In total, the trader spent 2.38 ETH, which is currently valued at around $8,300, on the memecoin. By April 11, the price of the token had risen to a high of $0.0007907, resulting in the tokens being worth approximately $6.5 million.
On April 12, the trader made six transactions, transferring the funds to a different crypto wallet. This could indicate that the trader either wanted to move the tokens to another wallet or had decided to sell them through a peer-to-peer (P2P) transaction.
Community members have also shared their opinions on what they believe may have occurred. One user praised the tokenholder for “still holding,” while another speculated that the crypto wallet belonged to a developer.
While many traders exercise patience in their strategies, some act quickly to cash in on their gains, potentially missing out on millions. On March 14, a trader purchased around 170 million Book of Meme (BOME) tokens and sold them for $131,000 before the price surged on March 15. Based on current market prices, the trader lost out on a potential gain of $2 million.
In contrast, another memecoin trader benefited from the frenzy, turning $13,000 into $2 million in just one hour. On April 3, the trader became aware of a memecoin called Donotfomoew (MOEW) as it made its debut on decentralized exchanges (DEXs). They spent 4 ETH ($13,000) to purchase nearly 500 million MOEW tokens, which were then worth approximately $2 million after just one hour.
Synthetix founder Kain Warwick expressed his perspective on the market, stating that it is decentralized finance (DeFi) that is flawed, rather than the overall market.