Trader Makes $166,000 in Two Days with New Meme Coin

An unidentified crypto trader has captured the attention of the cryptocurrency community by earning a staggering $166,000 in just two days. This feat was achieved through savvy trading of the new meme coin, DEFROGS. Analysts at Lookonchain were the first to notice the successful transactions, shedding light on the trader's lucrative moves.

The trader initially invested approximately $1036 in ETH to purchase 100 DEFROGS coins, including a fee for gas (the cost of conducting a transaction on the Ethereum network). As the price of DEFROGS surged, the trader sold 60 of these coins for about $67,000. With 40 coins still in hand, valued at $100,000 at the time of reporting, the total profit—after subtracting the initial investment—soared to $166,000.

Some members of the Lookonchain community speculate that the successful trades might have been executed by the developers of DEFROGS, suggesting potential insider trading. This theory is supported by the observation that cryptocurrency prices often spike following major announcements or the launch of trading on exchanges like Uniswap. In DEFROGS' case, the price pump coincided with its trading debut on Uniswap.

DEFROGS is a meme coin based on the PEPE project, symbolized by the popular Pepe the Frog character. According to its developers, DEFROGS introduces the ERC-404 standard, blending cryptocurrency features with those of non-fungible tokens (NFTs). The project released a total of 10,000 tokens, aiming to carve its niche within the crypto and NFT markets.

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