A savvy memecoin trader has managed to multiply an initial investment of around $12,000 into a whopping $1.05 million within just ten days using the meme-inspired cryptocurrency Pepe 2.0 ($PEPE2), which saw its value rise significantly over the last few days.
As detailed by blockchain data analytics platform Lookonchain, the trader embarked on this lucrative journey by investing $9,000 to secure a staggering 7.9 trillion units of Pepe 2.0 tokens. As the token’s value ascended, the trader cashed in, selling 5.2 trillion of these tokens for approximately $614,000.
Pepe 2.0 is a spin-off of the popular meme-inspired cryptocurrency $PEPE, which is a 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.
The trader managed to leverage Pepe 2.0’s surge late last month to convert his Bitcoin holdings into 6 trillion tokens of the meme-inspired cryptocurrency. The trader kept accumulations more Pepe 2.0 tokens on June 30 and July 2, and as the cryptocurrency’s price rose they strategically offloaded 2.3 trillion tokens for 215 Ethereum (ETH), equivalent to approximately $398,000.
Even after this massive sell-off, the trader still owns a significant amount of these meme-inspired tokens, currently holding 2.7 trillion PEPE2 in their wallet, with an estimated value of around $533,000. The wallet also holds various other memecoins.
This saga of spectacular gains is not a solitary tale. Another instance of similar nature involves a wallet transforming an initial $900 bet on Pepe 2.0 into an astounding $176,000 in just 24 hours.
Earlier, 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.
Trading memecoins, while potentially lucrative, also harbors significant risks that should not be underestimated. These tokens can be highly volatile, with values that can surge or crash dramatically in short periods of time. They frequently lack the underlying technology or utility that supports more established cryptocurrencies
Featured image via Unsplash.