A cryptocurrency trader with a penchant for meme coins has managed to reap an astounding 38,675% profit on a new contender in the meme coin arena, rivaling the likes of Dogecoin ($DOGE) and Shiba Inu ($SHIB), according to data from the blockchain.
Blockchain analysis firm Lookonchain reports that the trader acquired a staggering four trillion units of the Pepe ($PEPE) meme coin for 2.1 Ethereum (ETH), equivalent to $4,410 at the time of purchase.
The data indicates that the trader subsequently sold a substantial portion of the four trillion Pepe, with a balance of less than one trillion remaining. In total, the trader’s realized and paper profits amount to a jaw-dropping $1.71 million.
According to Lookonchain, the trader bought 4 trillion PEPE tokens for around $4,410 but didn’t sell the entire stack as soon as the price of the meme-inspired cryptocurrency went up. Instead, they kept selling a portion of their tokens every time PEPE’s price rose, to the point they sold 3.27 trillion tokens for $906,000. The trader is currently holding onto 700 billion tokens worth over $800,000.
The trader, who primarily transacts on the Ethereum blockchain, has also reportedly secured triple-digit profits on two other lesser-known meme coins, as the blockchain analysis firm detailed it has “transactions on almost every chain, and 97% of assets are on Ethereum.”
Per the service, the trader “also bought $BULL at $0.00075,” with the token now trading at $0.045 which represents an increase of 500%. Similarly, they acquired $BABYPEPE for $0.00000000024 and the token is now at $0.00000000123, after rising 415%.
PEPE, as CryptoGlobe reported, is a hot meme coin inspired by the infamous meme and cartoon character Pepe the Frog, and was introduced to the market on April 17, 2023.
Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom. It is now a top 100 digital asset after multiple centralized exchange listings.
As CryptoGlobe reported, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
The rise of meme-based cryptocurrencies has been a phenomenon in the world of digital finance. In recent years, established meme-inspired cryptocurrency Dogecoin ($DOGE) saw its popularity explode as rivals including Shiba Inu ($SHIB), Babydoge ($BABYDOGE) Wojak ($WOJAK), and ArbDoge, have been created and garnered significant attention.
Memecoins have become a sensation as these cryptocurrencies offer investors an opportunity for significant financial gains, as demonstrated by the recent PEPE success story.
However, the rapid rise and potential volatility of meme coins also pose significant risks to investors, especially those who may be new to the world of cryptocurrency, as many end up underwater after buying.
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