Ethereum (ETH) Might Wrestle Meme Coin Hype From Solana, Signs Visible

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The excitement surrounding meme coins on the Solana (SOL) blockchain may be transitioning back to Ethereum (ETH), following a significant profit-making trade on Ethereum. As reported by crypto analysis platform Lookonchain, a trader realized a massive 69,300% return on an investment, sparking renewed enthusiasm for the Ethereum ecosystem.

In just one month as mentioned in the report, the whale managed to turn $9,000 into a staggering $6.27 million on Ethereum, resulting in a massive gain of 693 times the initial investment. The meme coin involved in this successful trade is identified as $APU. During the period between March 11 and March 24, the trader obtained exactly 2.385 Ether to purchase an impressive 8.36 billion units of $APU. The price surge of this meme coin within this timeframe was remarkable, leading to an unprecedented profit for the trader.

According to the blockchain information, the large investor continues to keep a significant amount of the meme token, indicating their belief and trust in it.

Could the Ethereum meme rally be making a return? This trader managed to transform an initial investment of $9,000 in Ethereum into a staggering $6.27 million within just one month – a mind-blowing 693x profit!

— Lookonchain (@lookonchain) April 11, 2024

Over the past year, high gas fees on Ethereum have caused many traders to shift towards Solana. However, with Solana currently dealing with heavy traffic and congestion, there’s been renewed interest in Ethereum as a more established option for crypto trading. It remains to be seen if this trend will gain widespread popularity in the near future.

Ethereum L2s may appear attractive

The APU trader struck it rich with his bet, but most traders in the community may not be able to log similar trades due to variations in experience and resources. Despite Ethereum’s persisting issue with costly transactions, the Dencun Upgrade has made its layer-2 scaling solutions more economical for users in terms of trading fees.

The advantages of Ethereum L2 protocols such as Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP), and Base have made them popular choices for meme coins to thrive. Solana is still working on fixing its reliability issues, giving the Ethereum ecosystem an edge in shaping meme coin trends.

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2024-04-12 16:31