A smart crypto trader has stunned the market with huge profits from Pepe coin (PEPE). This comes after the token consistently rose to new levels, hitting a new all-time high before a slight correction. After about 20 months of holding the assets, the trader turned $3K worth of PEPE into $73 million, to the community’s delight.
On-chain data shows the trader made a total of 24,665% and moved several assets, raking in a profit as well as current holdings in the green zone. In April 2023, he bought $3K worth of PEPE, about 4.9 trillion tokens, before holding the asset across the steady climb.
A Handful of Sales
On multiple occasions, the trader sold part of his holdings. He ignited huge sales in May and continued them before a pause on May 8. However, offloads of huge assets spiked in February 2024 following the crypto market upturn. Institutional investors poured large amounts of assets into these funds after the United States Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs.
This led to a spike in Bitcoin price, hitting a new high above $73K before a correction. The jump in the market leader led to an altcoin and meme token rally, pushing meme coins to new highs. The total meme token market cap spiked above $70 billion, leading to sharp sales as traders looked to make gains.
On Dec 10, the PEPE whale moved 100 billion tokens worth $2.8 million. Overall, the trader liquidated 3.03 trillion tokens for approximately $27.5 million and currently holds 1.88 trillion PEPE worth about $73 million.
“Turning $3K into $73M, a 24,656x return, what a legend! Before the market plummeted, $PEPE broke through $0.000028, setting a new #ATH! This legendary trader sold another 100B $PEPE($2.8M) for profit. This trader invested ~$3K to buy 4.91T $PEPE on Apr 15, 2023. Over time, he steadily sold $PEPE, cashing out 3.03T $PEPE for $27.5M. He still holds 1.88T $PEPE($45.66M), bringing his total profit to an incredible $73M!”
What’s Next For Meme Coins?
Crypto enthusiasts are moving funds to meme coins to notch gains due to their volatility. Since Bitcoin swung forward after the United States elections, meme coins have followed a similar trajectory. Elon Musk-backed Dogecoin (DOGE) saw massive inflows after Donald Trump’s win, climbing over 70% in the last 30 days.
This year, DOGE’s price is up 289%, trading at $0.4. Shiba Inu (SHIB) and PEPE also recorded skyrocketing gains this year. Several crypto analysts project an upward momentum for meme coins as the United States awaits new regulations.
