A crypto trader made headlines after turning a modest $3,000 investment into over $46 million by trading Pepe (PEPE). The on-chain tracking platform Lookonchain highlighted this remarkable profit, amounting to a 15,718x return.
Indeed, the trader’s success story showcases the volatility and potential of meme coins. Yet, it raises questions about the timing and knowledge behind such trades.
PEPE Trader’s Remarkable Profit Stirs Market Speculations
Lookonchain outlined that the trader initially invested nearly $3,000 on April 15, 2023, to purchase 4.9 trillion PEPE tokens. Since then, PEPE’s value has skyrocketed. This allowed the trader to sell portions of their holdings for substantial profits.
They sold 1.41 trillion PEPE for $7.4 million and 255 billion PEPE for approximately $2.3 million. Despite these sales, the trader still holds 3.5 trillion PEPE, valued at around $38.9 million based on current prices.
“[Their] total profit on PEPE is ~$46.3 million,” Lookonchain concluded.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
However, the purchase date raised questions among the crypto community since it was close to PEPE’s launch time. Moreover, on the same date, on-chain data revealed that the trader swapped 20,000 Timeless (LIT) tokens, worth roughly $2,256, to buy 3.4 trillion PEPE.
Given LIT’s relatively obscure status and market capitalization of only $3.6 million, the decision to trade LIT for PEPE at that moment suggests a level of insider knowledge.
On April 15, 2023, the LIT token traded at $0.111814, starkly contrasting its current price of $0.001539. This further fueled speculation about the trader’s possible insider status. Nevertheless, the trade proved timely and extraordinarily profitable.
Read more: Pepe (PEPE) Price Prediction 2024 / 2025 / 2030
Regardless of the trader’s insider status, PEPE has experienced a meteoric rise. CoinGecko data indicates that PEPE reached a new all-time high of $0.00001151 today, marking its second record high this week. With a market capitalization of $4.68 billion, PEPE now ranks third among meme coins, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).
PEPE’s recent success can be attributed to the renewed interest in meme assets following the return of Keith Gill, also known as “The Roaring Kitty.” Gill, famed for his role in the GameStop stock frenzy, recently resurfaced on social media, igniting a wave of speculation and investment in meme coins and stocks.
BeInCrypto reported that Gill’s comeback has driven significant gains in meme coins like Roaring Kitty (KITTY) and GameStop (GME), with GME’s price surging by 3,814% in the past week alone.
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