- A PEPE trader with just 3 wallets turned his $83 investment into a staggering $79.4 million, showcasing the potential for huge gains in the cryptocurrency market.
- The remarkable feat was due to the recent surge of Pepe connected to the GameStop Frenzy.
Pepe, the frog-themed memecoin has recently exceeded projected outcomes, firstly achieving an all-time high and giving back great returns to investors. Through a series of 3 different wallets, a certain trader transformed a meek $83 investment into an overwhelming $79.4 million. This equates to a 958,580 times return from the initial investment.
According to a precise report from Lookonchain, a blockchain analytics firm, this remarkable achievement was attained by a single trader who owned 3 interconnected wallets. Initially, the trader unanimously purchased approximately 6.44 trillion PEPE tokens using only 0.041 ETH equal to $83.
According to the analysis, this huge chunk of success was characterized by calculated patience and the high-risk-high-reward potential of cryptocurrency.
On April 15 2023 saw 3 wallets controlled by a similar individual handle transactions that led to this enormous rise. It all began when the first transaction was executed on Uniswap V3, exchanging 0.0143 ETH ($28.73) for roughly 2.14 trillion PEPE tokens. Concurrently, the second transaction saw the wallet swap 0.0135 ETH ($27.23) for approximately 2.1 trillion tokens. The last wallet exchanged 0.0133 ETH ($26.85) for about 2.2 trillion tokens.
Then, the PEPE token was trading at a mere $0.0000000658 per token. Bullish extensions that followed saw the PEPE token surge by 21,564.48 times as followed by Crypto News Flash markets.
At the time of writing the token is currently trading at $0.00001232.
All technical Analysis are driving towards a very bullish season for PEPE. The Moving Average Convergence Divergence (MACD) indicator on the daily chart shows a perpendicular movement. This movement indicates a very strong bullish period Currently at 0.000001293, the MACD line lies above its signal line, indicating that the bullish momentum may continue.
Correspondingly, PEPE’s sudden surge can be compared to the GameStop (GME) stock frenzy led by the reappearance of Keith Gill, also known as “Roaring Kitty,” for the first time since mid-2021. Back in 2021, Gill was also responsible for GameStop’s explosive run which saw Gamestop’s stock surge by more than 1000% in just 24 hours. Moments after Gill’s re-appearance on social media, saw the Gamestops stock rise by 74%.
According to the CEO of Meter, Xiaohan Zhu implied that the Gamestop craze could have been one of the attributing factors to PEPE’s significant rise. However, a recent pullback has been observed mainly because of the huge profit-taking and launch of several large-scale projects on exchanges.
PEPE’s astonishing surge signifies the potential for vast crypto gains for those who are willing to partake in the high-risk-high-reward mechanism combined with strategic investment skills.
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