Two cryptocurrency wallets saw astronomical returns exceeding 30,830 times their initial investment on a memecoin launched on Coinbase’s Ethereum layer-2 scaling solution Base.
According to on-chain analysis service Lookonchain, two cryptocurrency allets whitelisted by the deployer of the meme-inspired cryptocurrency Brett ($BRETT) spent 0.034 ETH worth little over $100 to buy 172.56 million tokens back in February.
These wallets, according to the on-chain analysis service, then sold 122.74 million BRETT tokens for a whopping 890.65 ETH, worth $3.14 million via multiple wallets to get a return of over 3,000,000%.
Whitelisted wallets, it’s worth noting, are wallets that are approved to participate in specific cryptocurrency events such as initial coin offerings, and in this case a social media user noted that a total of 139 addresses were whitelisted, and 108 bought tokens during the whitelist period.
The pseudonymous user has later on noted they believe they “know who owns literally very whitelisted wallet” for the cryptocurrency and are expected to reveal the data “within a few days.”
Per their analysis, BRETT’s insiders were holding as much as 91% of the cryptocurrency’s supply before other investors could even buy into the cryptocurrency, and suggested one influencer made “nearly 1600 ETH [$4.8 million] for tokens they got for marketing that were bought during the whitelist phase.”
Brett, self-proclaimed as the “mascot” of the Base chain, is currently trading at $0.0357, reflecting a decline of more than 11% in the last 24 hours. Its price drop comes after a months-long memecoin trading frenzy on both the Solana and Base networks, with several traders making and losing fortunes off of newly launched digital assets.
In one case, a memecoin saw a dramatic price rise of over 3000% over a 24-hour period, and a cryptocurrency trader managed to take advantage by betting 50 SOL, worth around $9,000, in the cryptocurrency. Its rise has seen them make a profit of over $123,000. Another trader, however, lost $138,000 in minutes trading a little-known token.
In another case, a cryptocurrency trader managed to make a profit of over $3 million trading a newly launched Solana-based memecoin within just 12 minutes after betting nearly $2 million on it right after it started trading.
In yet another incident, a trader, identified on-chain by the alias “sundayfunday.sol,”turn a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
Various users on the microblogging platform X (formerly known as Twitter), have suggested that the traders making such high-risk investments in these newly launched cryptocurrencies are the developers behind them or marketers helping pump the cryptocurrency’s price up so they could later sell the tokens at a higher value.
Featured image via Unsplash.
