Big hit: He made $166K with an investment of $613!

An alleged insider or team member made $166K from his $613 memecoin investment.

The cryptocurrency market is attracting a lot of attention in many categories, from memecoins to modular blockchains, and from NFTs to metaverses. Memecoin investing, in particular, has become a trend. Memecoins such as SHIB, FLOKI, PEPE, and WIF are attracting a lot of attention from crypto investors.

The rise of memecoins such as SHIB and PEPE has led investors to the newly launched memecoins in the crypto market. A trader made $166,000 from his $613 investment in a memecoin called DEFROGS.

This transaction raised allegations that the trader was trading with insider information or was a member of the team.

Memecoin launched on Ethereum network made rich

DEFROGS, which was launched on the Ethereum network, is facing allegations of insider trading or trading by team members.

DEFROGS, which was launched on February 6 and is currently trading at $2,000, allowed a trader to earn $166,000. The trader bought $613 when DEFROGS was launched. The trader, who risked 0.26 ETH in return for this investment, faced a large return two days later.

The trader paid a trading fee of 0.178 ETH ($423) to get DEFROGS quickly. The trader bought 100 DEFROGS for only 0.08 ETH ($190) after paying the trading fee. A total of $613 came out of the trader's vault, which he received in exchange for 100 DEFROGS. With a limited supply, DEFROGS soon rose to over $2,000.

In just 2 days, this trader made $166K with only 0.26 $ETH($613)!

This trader spent only 0.08 $ETH($190) to buy 100 #DEFROGS using a high gas of 0.178 $ETH($423), then sold 60 #DEFROGS for 27.8 $ETH ($67K).

He currently has 40 #DEFROGS($100K) left, the total profit is ~166K! pic.twitter.com/g0VtlKoKGM

— Lookonchain (@lookonchain) February 8, 2024

Seeing that the memecoin he invested in was on the rise, the trader sold 60 DEFROGS for 27.8 ETH ($67,000). The trader still has 40 DEFROGS left, and the value of these tokens is around $100,000.

The trader, who is alleged to be a member of the team or acted on the information he received from the team, has a realized return of $67,000 and an unrealized return of $100,000.