- A trader turned a $3,000 investment in PEPE memecoin into $46.3 million, showcasing the high-risk, high-reward potential of cryptocurrency.
- The trader’s holdings surged due to PEPE’s meteoric rise, which was fueled by major exchange listings and a viral post by retail trader Keith Gill.
The meme coin PEPE has just become popular in the crypto market and reached a new all-time high (ATH) this week. This price hike has not only attracted retail investors but also drawn the attention of crypto whales. Well-known personalities in the crypto world have begun to amass a large number of PEPE tokens, which indicates that they are very optimistic about the coin.
From Humble Beginnings to Unprecedented Profits
A savvy crypto trader has achieved a remarkable feat by transforming a modest $3,000 investment into an extraordinary $46.3 million profit through trading the Pepe-the-Frog-themed memecoin (PEPE). This unprecedented gain highlights the high-risk, high-reward nature of the cryptocurrency market, particularly within the memecoin sector.
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
In April 2023, the trader bought 4.9 trillion PEPE coins for $3,000 at its launch. This strategic step was very profitable as PEPE increased in value so fast. At first, the meme coin’s market cap jumped from under $1 million to over $1 billion due to its listing on major cryptocurrency exchanges such as Binance. Now, the trader’s assets had multiplied to a value of more than $10 million.
The rally went on beyond that. PEPE reached a new all-time high of $0.00001151 by mid-2024 after a popular social media post by retail trader Keith Gill went viral. Gill, famous for his involvement in the GameStop short squeeze of 2021, returned to social media, and thus, PEPE and other memecoins became even more popular, which resulted in their prices rising.
Strategic Profit-Taking Amidst New Highs
PEPE, until then, had not reached the level of success it did, and therefore, the trader saw some of their gains. According to the on-chain analytics platform Lookonchain, the trader sold 1.41 trillion PEPE tokens for $7.4 million. Even though these coins sold, they still kept a large part of the coin. As of the most recent data, their 3.5 trillion PEPE tokens have a value of $38.9 million, making the total realized and unrealized profit around $46.3 million. The sheer magnitude of this return, 15,718 times the original investment, underscores the volatile nature of memecoins and the immense opportunities they can present.
The trader’s timing and success have been the topic of discussions about his possible insider knowledge. The fact that the trader bought a large number of PEPE just after its launch has made some people believe that he had inside information. However, other market participants have noted the patience and risk tolerance required to hold the investment for an entire year, suggesting that the trader’s success was also due to strategic foresight and endurance.
Everyone claims ‘insider’ immediately.
Bitches, he spent 3k, and held like a diamond handed king. This is how you become an ‘insider’
You want these kind of gains? You want the ‘inside tip’
Don’t be paper handed jeets. https://t.co/q6R3ksaRdT
— Naka (@Nakameowdough) May 15, 2024
Adding to the excitement, unconfirmed rumors suggest that Coinbase may soon launch spot trading for PEPE. If these rumors materialize, PEPE could see further significant price increases, as broader market access typically drives up demand and valuation.
Despite the short-term bearish outlook, several factors point to potential future gains for PEPE. Crypto analyst Rachid Crypto has identified upcoming events that could drive another rally in the meme coin’s price. He noted that the “mega meme cycle” and altcoin season have yet to commence, which has historically led to increased interest and higher prices for meme coins like PEPE.
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