Memecoin craze sees one trader reap over 100k in profits on newly listed DEFROG
An unknown trader earned $166,000 from the growth of the DEFROGS cryptocurrency in just two days.
Lookonchain analysts say the trader spent 0.26 Ethereum (ETH) 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.
The user still has 40 DEFROG coins left at their disposal, leaving a total profit of $166,000 for the trader.
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.
According to CoinMarketCap, over the past 24 hours, the token has risen by more than 85%, increasing in price to $2,930 at the time of writing.
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.
Earlier, an unknown trader purchased 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.
