An unknown trader invested $3,000 on PEPE token and cashed out big, with investors taking profit as the meme coin recorded a new all-time high.
In a market where profit can be made and lost in the blink of an eye, an unknown trader has made headlines by profiting $46 million with the popular memecoin PEPE, equivalent to a 15,718x gain in just one year.
According to Lookonchain data, the trader invested $3,000 on April 15, 2023, to purchase 4.9 trillion PEPE, which is currently valued at $56 million. The trader also sold $2,256 worth of Timeless (LIT), $210 worth of Ethereum (ETH), and 500 USDC to buy PEPE.
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
PEPE Token Records New All-Time High
On May 15, as the trader’s success unfolded, PEPE reached a new all-time high of $0.00001151, which indicates a 5.8% increase within the last 24 hours. At the time of writing, the memecoin had a total market cap of $4.26 billion and now ranks as the 27th largest crypto in the market.
Also, Roaring Kitty, known for initiating the 2021 GameStop rally, stirred speculation of his comeback on Monday on the X platform. Traders took it as a sign, which caused a rally in meme coins, with top perfumers such as PEPE, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).
According to SpotOnchain data, whales and other early investors of the meme coin started cashing out profits as soon as it hit its new high.
Profits Generated From Trading PEPE
This is not the first time a trader has made substantial profit from trading PEPE. For instance, an anonymous trader moved 250 billion PEPE, worth $2.69 million, to Binance. Following the transfer, the trader still held 42.2 billion PEPE, which amounts to a profit of $3.96 million.
In another case, a trader capitalized on a 20.5% profit on their PEPE investment within three days. They sold 123.7 billion PEPE for $1.31 million.
Interestingly, Santiment data reveals a 416% surge in whale transactions involving at least $100,000 worth of PEPE on May 14, which skyrocketed from 135 to 697 unique transactions daily. However, recent figures have slightly declined, with the transactions decreasing from 706 to 698 in the last 24 hours.
Aside from PEPE, other traders have cashed out from other meme coins. For instance, on April 26, an unidentified trader made a substantial profit of $23 million on Solana meme coins. The trader gained profit from investing in tokens like Dogwifhat (WIF), Joe Boden (BODEN), and Bonk (BONK).