Trader Who Printed Nearly 50X Gains on Pepe Reaccumulates Over $2,000,000 Worth of the Memecoin: On-Chain Data
One trader who masterfully rode the rise of the memecoin Pepe (PEPE) has doubled down on their massive bet, according to on-chain data.
First spotted by blockchain-tracking firm Lookonchain, a “smart money” Ethereum (ETH) address printed gains of over 4,500% buying PEPE early and taking profit recently.
Lookonchain says that the same trader is now taking their gains and reinvesting it back into PEPE on its price dip. On-chain data shows the entity selling their ETH for more PEPE on decentralized crypto exchange Uniswap (UNI).
“A SmartMoney who made 1,219 ETH ($2.2 million) on PEPE spent 1,173 ETH ($2.1 million) to buy 1.33 trillion PEPE again… The buying price is $0.000001586.
He bought 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166, then sold for 1,245 ETH ($2.24 million) at $0.0000009985, with a gain of 48x.”
Popular pseudonymous crypto trader and analyst Altcoin Sherpa recently weighed in on PEPE, saying that the current price levels may be a good spot for bulls to enter bids. He says he expects PEPE to eventually go much lower, but that a move higher is still on the table in the short term.
“This is the area ($0.00000112) I’m looking at right here. I would expect something like this where we chop around and then maybe move up (to $0.0000023), and then come back down.
I wouldn’t be surprised at all, to be clear, for this to go way lower eventually, and and my position is really just one where it’s just a scalp. I’m just going to take this next move up.”
At time of writing, PEPE is trading for $0.00000175.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-2
The post Trader Who Printed Nearly 50X Gains on Pepe Reaccumulates Over $2,000,000 Worth of the Memecoin: On-Chain Data appeared first on The Daily Hodl.
