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This Crypto Trader Turned $556 to $7.48M in 3 Months By Trading BRETT

Amid Brett’s impressive rally, the crypto community is concerned about the percentage of the token held by the project’s insiders.

rich trader

A cryptocurrency trader has turned hundreds of dollars into millions within three months by trading a memecoin launched on the Ethereum-based Base network.

According to a tweet by artificial intelligence-driven crypto analytics platform Spot On Chain, the trader made $7.48 million from a $556 investment in Brett (BRETT), which has been touted as the best friend to popular frog-themed memecoin Pepe.

Trader Flips $556 to $7.48M

Per Spot On Chain’s analysis, the crypto trader swapped 0.19 ether (ETH) worth $556 for 82.66 million BRETT roughly 30 minutes after the project’s developers launched the token on the Base chain on February 24. At the time, each token in the stash was worth around $0.0000067.

The trader allowed their wallet to cool off and returned earlier today to move some assets and realize profits. Spot On Chain found that they deposited 23.45 million BRETT worth $2.12 million to crypto exchange following the memecoin’s rally to a new all-time high.

Since its launch, BRETT has witnessed a dramatic surge from its lows. Data from CoinMarketCap shows that the asset has been on the rise since March 11, rallying 150% from its listing value of $0.038. In the past seven days, the memecoin has surged 68% to hit an all-time high of $0.095.

With the value of BRETT having mooned since its launch, the trader’s investment recorded a 13,453x gain. They currently hold approximately 59.21 million BRETT in the wallet, accounting for an unrealized profit of $5.36 million.

Insider Trading Talks

Amid Brett’s impressive rally, the crypto community is concerned about the percentage of the token held by the project’s developers. Some community members have insisted that the trader who flipped $556 to $7.48 million is one of the project’s developers and had insider knowledge of the token before its launch.

Last month, pseudonymous decentralized finance analyst Shady made an X post outlining details of how the project’s insiders held more than 81% of Brett’s circulating supply before most crypto users could buy the asset and how its launch was unfair.

This shows that the crypto space could make millionaires at any given opportunity, but users also face the risk of project owners dumping the tokens on them.

Cynthia Ezirim

Cynthia Ezirim is a news reporter at Cointab who is passionate about Bitcoin, non-fungible tokens, and decentralized technology. She joined the crypto space in late 2022.