An unknown trader transformed $3,000 into an astounding $73 million by trading the memecoin Pepe Coin (PEPE). According to analytics firm Lookonchain, this is one of the most impressive achievements in crypto market history, delivering a 24,656-fold return on investment.
Reports indicate that the trader started buying PEPE back in April 2023, acquiring 4.91 trillion coins. Since then, they have been gradually selling off the asset, earning $27.5 million from the sale of 3.03 trillion tokens. At present, they still hold 1.88 trillion PEPE, valued at $45.66 million, bringing the total profit to $73 million.
PEPE Reaches a New ATH
On December 9, 2024, PEPE posted a substantial gain, hitting a new all-time high (ATH) of $0.00002825. Currently, the token trades near $0.00002562, maintaining strong upward momentum.
Over the past month, the memecoin’s price has increased by 115%. Its daily trading volume surged by 76.14% to $12.02 billion, suggesting heightened interest from investors and traders.
On December 8, PEPE surpassed Uniswap in market capitalization, potentially fueling the memecoin’s growth. This development sparked further interest in PEPE, despite high market volatility.
Whale Activity
PEPE’s record growth is accompanied by significant whale activity. Since the start of December, large-scale transactions from major holders have been observed:
- December 3: A whale transferred 356 billion PEPE ($7.3 million) to the Kraken exchange, realizing a 31x profit. In September, they purchased these tokens for only $237,000.
- December 4: Another major player withdrew 337 billion PEPE ($6.92 million) from Binance, underscoring ongoing interest in accumulating the asset.
- December 5: An early investor who initially acquired 2.61 trillion PEPE for about $70 during the token’s launch transferred their remaining tokens to Kraken, turning their initial investment into $7 million.
- December 8: Two wallets (1, 2), presumably owned by the same individual, purchased 190 billion PEPE for $4.89 million.
- December 10: Nine wallets spent $13.8 million buying 555 billion PEPE in just two hours.
Interestingly, PEPE’s rise occurs against the backdrop of a declining market and the largest liquidations since 2021. Yet, the overall market drop of 2.31% did not stop memecoins from showing growth. Since the start of the bull run following the U.S. elections, memecoin trading volume has reached $32 billion.
PEPE stands as a striking example of high profitability in the crypto industry, especially for early investors. However, the current whale activity and intense volatility make the memecoin market extremely risky for inexperienced players. Despite the significant interest, it’s always essential to carefully weigh the risks and conduct thorough research before making any decisions.
Previously, PEPE was listed on Robinhood Crypto, a subsidiary of the eponymous trading platform. Read the link to learn how this affected the asset’s price.
