A Pepe (PEPE) investor has turned a modest $3,000 investment into a whopping $32.8 million amid the meme coin’s recent 408% price gain in the past week.
Pepe has captured the interest of the broader crypto community, currently sitting atop the top gainers list over the last seven days. The meme coin has recorded a massive 408% surge within this timeframe, proving wrong speculations that it could only go lower from its 2023 highs.
Notably, the latest run has delivered additional gains to a new batch of investors. However, as this trend picks up, early investors who chose not to sell the 2023 top are witnessing much higher profits amid the price rally. Blockchain insights platform Lookonchain spotlighted one such investor.
This guy spent only $3,000 to buy 4.9T $PEPE($35.5M currently) in the early time!
He sold 760B $PEPE($2M) and currently holds 4.15T $PEPE($30.8M), and is the 13th holder of $PEPE!
His total profit on $PEPE is ~$32.8M, a gain of 11,077x!https://t.co/QTL7oxruTk pic.twitter.com/sw2FcPfgdd
— Lookonchain (@lookonchain) March 4, 2024
Lookonchain revealed that this investor procured 4.9 trillion PEPE tokens at its early trading stages. Etherscan data corroborates this disclosure, confirming that the investor spent a total of $3,000 to procure 3.407 trillion tokens, 457.3 billion tokens, and 1.048 trillion tokens on April 15, 2023, amounting to 4.914 trillion PEPE.
Essentially, this wallet purchased these PEPE tokens barely a day after it started trading, triggering speculation that it could belong to a project insider. After PEPE recorded its first phase of price upsurge, the trader began selling off some of his holdings.
He has now sold 760 billion PEPE since May 2023 for $2 million. Following the sales, the investor currently holds 4.15 trillion PEPE worth $30.8 million. Cumulatively, he turned $3,000 to $32.8 million while holding PEPE for ten months.
Similar PEPE Call
In a similar disclosure, Lookonchain spotlighted another investor who made profits trading PEPE. However, this investor liquidated their PEPE profits to procure Shiba Inu (SHIB), as disclosed by The Crypto Basic last week. SHIB also recorded massive surges alongside other meme coins.
According to Lookonchain, the trader has now liquidated his SHIB holdings, procuring a profit of $756,000 within two days. He sold off his Shiba Inu to purchase 38.85 million Memecoin (MEME) for $1.62 million. In the latest move, the investor withdrew another batch of PEPE worth $1.02 million from Binance.
The smart money withdrew 182.4B $PEPE($1.02M) from #Binance again 9 hours ago, and now has an unrealized profit of $155K!https://t.co/6IxdgGqDzf pic.twitter.com/eLlkftj5mF
— Lookonchain (@lookonchain) March 4, 2024
Pepe now trades for $0.000007387, leading the ongoing meme coin mania. The asset’s uptrend has slowed as it aims to hold above the $0.000007 level. The latest rally has pushed it into the top 40 assets by market cap, with its market valuation recently crossing the $3 billion mark.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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