ETH Trader Turns $6.7K into $4.2M With This Memecoin

An anonymous Ethereum (ETF) trader has turned their tiny investment into millions of dollars in less than four months by investing in a little-known memecoin dubbed “Kendu Inu” ($KENDU).

For context, $KENDU is a Shiba Inu-inspired memecoin launched on the Ethereum blockchain in February 2024. 

From $6.7K to $4.2M with Memecoin

According to Lookonchain monitoring, the trader purchased 20.95 billion $KENDU tokens between February 24th and March 1st for 2.13 Ether (ETH), equivalent to $6,758. Since this initial purchase, the trader has held their investment without selling until now. 

With a recent surge in $ KENDU’s price, the value of their holdings has skyrocketed to a whopping $4.2 million. This represents a staggering gain of 619 times from their initial investment. If the trader were to take profit now, they would realize $4.193 million, excluding their investment capital.

$KENDU has been on an upward trajectory since its conception in February. Data from CoinMarketcap shows that the memecoin has risen by 572% since launch, 297% since last month, and 254% over the past week.

$KENDU’s Performance 

At the time of writing, $KENDU was trading at $0.0001974, representing a 35% surge in the past 24 hours. This price performance has helped propel its market cap to $197.34 million. With this growth potential, analysts project that the memecoin could reach a $100 billion market cap by the end of the year.

The latest story highlights the potential for outsized returns in memecoins, which are often characterized by extreme volatility and unpredictable price movements.

Just like $KENDU, several other memecoins have offered investors life-changing opportunities. In April, CoinTab reported on how a Solana trader made a whopping $23 million from flipping three high-value memecoins including Dogwifhat (WIF), Bonk (BONK), and Joe Boden (BODEN).