An unnamed trader scored big with DEFROGS cryptocurrency, pocketing $166,000 in just 48 hours. Analysts at Lookonchain highlighted this impressive feat within the crypto community.
According to their findings, the trader invested 0.26 ETH (equivalent to around $613) to snag 100 DEFROGS coins. Additional expenses for gas totaled 0.178 ETH (roughly $423). Thus, the initial investment in ETH amounted to $1,036. As the value of DEFROGS surged, the trader cashed out 60 coins for 27.8 ETH (approximately $67,000).
Now, holding onto 40 coins, their current value stands at $100,000, as per the latest update. Considering the initial investment, the trader's total profit, both realized and unrealized, tallies up to $166,000.
Speculation arose among Lookonchain subscribers, suggesting possible insider trading by DEFROGS developers, which could've fueled these lucrative transactions. Such instances often see a coin's value spike around events like the launch of trading. Those in the know can capitalize on this trend by investing early.
In the case of DEFROGS, it appears to be a pump orchestrated around the Uniswap exchange's cryptocurrency trading debut.
DeFrogs (DEFROGS) is a memecoin spun off from the PEPE crypto project, featuring Pepe the frog as its symbol. Developers tout DEFROGS as a token adhering to the new ERC-404 standard, blending cryptocurrency and non-fungible token properties. The project issued a total of 10 thousand tokens.