Ethereum-based Pepe (PEPE) meme coin is making waves in the crypto market with massive gains over the last few weeks, turning some smart money into millionaires.
Since its launch, the meme coin has rallied more than 1000% to new all-time highs and now ranks among the top 100 crypto asset by market cap, according to Coingecko.
Pepe prints millionaires
On-chain analyst Lookonchain reported three addresses that made more than $1 million from trading PEPE.
Lookonchain said the first address bought 5.4 trillion PEPE tokens with 1 ETH ($2,100). This address sold 3.42 trillion PEPE for 929 ETH on April 30 to net a profit of $1.77 million.
Meanwhile, the exact address still holds 2 trillion units of PEPE valued at $2.37 million.
Another trader, dimethyltryptamine.eth, bought 5.9 trillion PEPE for 0.125 ETH ($215). The address later sold 2 trillion PEPE for 560 ETH ($1.06 million) and still has 3.9 trillion tokens valued at $2.37 million.
Meanwhile, the last address entered the market late, spending 2.3 ETH ($4,822) on 4.22 trillion PEPE. The trade has become a profit after selling 3.22 trillion PEPE for 670 ETH ($1.3 million), while the remaining holding is valued at ($1.18 million).
Over 50 addresses hold over $1M worth of PEPE
Blockchain analytical firm Arkham Intelligence reported that over 50 addresses hold more than $1 million worth of PEPE.
According to the firm, one of the earliest buyers of the memecoin was the deployer wallet that spent $2 on 195 billion PEPE tokens. The wallet sold these tokens one week later for 22.94 ETH — $42,200 — and could have made much more if it had been patient.
Some wallets also made a significant profit on another meme token launched within the same period, WOJAK. Cryptoslate data shows that it reached an all-time high of $0.000451 after rising by 123.2% in the last 24 hours.
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