An early buyer of a top-30 memecoin by market capitalization has turned a few hundred dollars into millions within a period of a little over a year.
According to blockchain tracker Lookonchain, the trader acquired billions of the Pepe (PEPE) memecoin days after it publicly launched.
The trader then sold 42 billion Pepe tokens on July 7th of 2023, 100 billion Pepe tokens on May 4th and the remainder on May 22nd, netting him approximately 735,831% in profits.
“An early buyer of PEPE deposited all 182.9 billion PEPE ($2.53 million) into Binance six hours ago.
This guy spent 0.22 Ethereum ($462) to buy 324.9 billion PEPE on April 15th, 2023 and sold it all for $3.4 million.
He was lucky enough to turn $462 into $3.4 million, a gain of 7,368x!”
PEPE is trading at $0.0000128 at time of writing, up by around 97% over the past 30 days.
The blockchain tracker also says that another trader who is still holding trillions of Pepe acquired between April 14th to April 23rd of 2023 is now sitting on a profit of over 95,000,000%.
“This diamond [hands] trader turned $83 into $79.4 million by buying and holding PEPE, a gain of 958,580x!
Three wallets(belonging to the same person) spent only 0.041 Ethereum ($83) to buy 6.44 trillion PEPE ($79.4 million), and have never sold any PEPE to date.”
Lookonchain further says that crypto investment firm BlockTower Capital booked a profit of over 20% after selling a stash of Pepe on the institutional trading platform Cumberland.
“BlockTower Capital transferred 202 billion PEPE ($2.8 million) to Cumberland for sale two hours ago after the PEPE price broke through $0.000014.
BlockTower Capital bought the 202 billion PEPE ($2.22 million) via Cumberland six days ago.
Making $578,000 in six days, with a return on investment of 26%.”
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The post Crypto Trader Books 735,800% Profit on Large-Cap Memecoin That’s Just Hit New All-Time High: On-Chain Data appeared first on The Daily Hodl.