An anonymous trader has made headlines by making a profit of $46 Million with PEPE within one year, equivalent to a 15,718x gain.
This comes as the Solana-based meme coin recently achieved a milestone that saw it hit a new all-time high on May 15.
The Trader’s Strategy
According to Lookonchain data, the trader acquired 4.9 trillion PEPE tokens, currently valued at $56 million, on April 15, 2023, spending less than $3,000.
Earned more than $46M on $PEPE with only $3K, a gain of 15,718x!
This super big winner sold 255B $PEPE($2.3M) for profits again after the price of $PEPE increased.
He spent only $3K to buy 4.9T $PEPE($56M currently) on Apr 15, 2023, and sold 1.41T $PEPE for $7.4M, with 3.5T… pic.twitter.com/VKGxmK9gCt
— Lookonchain (@lookonchain) May 15, 2024
This purchase involved the trader selling $2,256 worth of Timeless (LIT), $210 worth of Ethereum (ETH), and 500 USDC to purchase PEPE.
The trader has since sold 1.41 trillion PEPE tokens, amounting to $7.4 million. However, they retain ownership of 3.5 trillion PEPE tokens, valued at approximately $38.9 million at the reporting time.
This coincided with PEPE attaining a new all-time high of $0.00001151 on May 15. According to CoinGecko data, PEPE is trading at $0.00001101, marking a 5.8% increase in the last 24 hours. The meme coin has a total market capitalization of $4.7 billion, positioning it as the 27th largest cryptocurrency.
On Monday, Roaring Kitty, known for catalyzing the 2021 GameStop rally, shared a suggestive image on X, which traders interpreted as a signal of his return. This development caused a rally in meme coins, with top performers including PEPE, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).
Whales Cash in on PEPE’s Rally
Amidst the PEPE rally, SpotOnChain data shows that whales and early investors of the meme coin began cashing out profits as it reached its all-time high.
Whales have taken profits after the $PEPE price recorded a new ATH (24H)! Have you taken yours?
1. Early holder 0x647 deposited 250B $PEPE ($2.69M) to #Binance ~12 hours ago.
– The whale has 42.4B $PEPE ($424K) left with a total profit of $3.96M (+8,833%).
2. Whale 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac
— Spot On Chain (@spotonchain) May 14, 2024
An early investor, 0x647, transferred 250 billion PEPE, valued at $2.69 million, to the centralized exchange Binance. This holder still retains 42.4 billion PEPE, currently yielding an unrealized profit of $3.96 million.
Another whale, 0xa4f, realized a 20.5% profit on their PEPE holdings within a mere three days of acquisition. They sold 123.7 billion PEPE for 1.31 million USDC.
According to Santiment data, transactions involving whales worth at least $100,000 in PEPE surged by 416% on May 14, rising from 135 to 697 unique transactions per day. However, recent figures from Santiment show a slight downturn, with transactions decreasing from 706 to 698 over the past 24 hours.
The post 1 Year Later: Trader Nets $46 Million with PEPE Amid Meme Coin Craze appeared first on CryptoPotato.
