As a seasoned analyst with over two decades of experience in the financial markets under my belt, I must admit that I am both astounded and slightly envious of this anonymous cryptocurrency trader who managed to transform a mere $3,000 into an eye-watering $73 million by investing in the meme-inspired cryptocurrency $PEPE.
A cryptocurrency trader has managed to turn around $3,000 into $73 million using the meme-inspired cryptocurrency $PEPE in a massive trade that netted them a 24,656 return over more than a year.
Based on information from the on-chain analysis service Lookonchain, a trader bought approximately 4.91 trillion PEPE tokens for about $3,000 back in April 2023. This investment was made shortly after the launch of the meme-inspired cryptocurrency, giving the trader a good deal on it before its value began to rise.
Due to the increasing trend of crypto tokens based on memes like Pepe the Frog and its association with the famous internet meme, Pepe, has climbed up to rank as the 20th largest cryptocurrency by total value. Over the past year, it has skyrocketed by 156%, resulting in a market cap of approximately $10.8 billion. Interestingly, just a month after its launch, its market cap swelled to reach an impressive $1 billion.
Over the course of time, the trader, Lookonchain, continuously sold their PEPE tokens. They have now withdrawn a total of 3.03 trillion PEPE for approximately $27.5 million, while still retaining 1.88 trillion tokens valued at around $45.6 million.
According to an article by CryptoGlobe, the value of the memecoin themed around frogs increased significantly after it was added to the well-known cryptocurrency platform Coinbase recently. Despite concerns about the contract owner possibly adjusting transaction fees and blocking certain functions, the market for PEPE has experienced a remarkable growth spurt.
Previously, an astute Ethereum investor appears to have transformed a modest 0.125 ETH investment in PEPE into a whopping $1.14 million within a few short days, thanks to a well-timed purchase.
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2024-12-10 17:48