Trader Nets $46 Million with PEPE Amid Meme Coin Craze

An anonymous trader made headlines by making a profit of $46 million through PEPE in one year, equivalent to 15,718 times profit.

This comes as the Solana-based meme coin recently hit a milestone that saw it reach a new all-time high on May 15.

Trader strategy

According to Lookonchain data, the trader acquired 4.9 trillion PEPE tokens, currently worth $56 million, on April 15, 2023, and spent less than $3,000.

She earned over $46 million on $baby With only $3k, a gain of 15,718x!😱

This very big winner sold 255 billion $baby($2.3 million) to profits again after the price $baby more.

He spent $3k just to buy the 4.9T $baby(currently $56 million) on April 15, 2023, 1.41 TB sold $baby For 7.4 million dollars, with 3.5 trillion… pic.twitter.com/VKGxmK9gCt

– Loconchain (@loconchain) May 15, 2024

This purchase involved the trader selling $2,256 worth of Timeless Tokens (LIT), $210 worth of Ethereum (ETH), and buying $500 PEPE.

The trader has since sold 1.41 trillion PEPE tokens, worth $7.4 million. However, they retain ownership of 3.5 trillion PEPE tokens, worth around $38.9 million at the time of reporting.

This coincided with PEPE reaching a new all-time high of $0.00001151 on May 15. According to CoinGecko DataPEPE is trading at $0.00001101, registering a 5.8% increase over the past 24 hours. The total market capitalization of the meme is $4.7 billion, making it the 27th largest cryptocurrency.

On Monday, Roaring Kitty, known for spurring the 2021 GameStop run, shared a suggestive photo on X, which traders interpreted as a sign of his return. This development caused meme prices to surge, with the best performing coins including PEPE, Dogecoin (DOGE), Shiba Inu (SHIB), and Floki (FLOKI).

Whales benefit from PEPE pool

Amid PEPE's rise, SpotOnChain data shows that whales and early investors in the meme coin have started cashing out profits as it reaches all-time highs.

Whales have taken profits yet $baby New ATH Price Record (24H)! Did you take yours?

1. Early owner of 0x647 deposited 250B $baby ($2.69 million) to #Binance ~ 12 hours ago.
– Pisces has 42.4 B $baby ($424K) with a total profit of $3.96M (+8,833%).

2. Pisces 0xa4f 123.7B… pic.twitter.com/AxUxvMSYac

– Spot on Chain (@spotonchain) May 14, 2024

One of the early investors, 0x647, transferred 250 billion PEPE, worth $2.69 million, to centralized exchange Binance. This owner still holds 42.4 billion PEPE, and is currently sitting on $3.96 million in unrealized gains.

Another whale, 0xa4f, made a 20.5% profit on his PEPE holdings within just three days of acquisition. They sold 123.7 billion PEPE for $1.31 million USD.

According to Santiment Data, transactions involving whales worth at least $100,000 in PEPE rose 416% on May 14, rising from 135 to 697 unique transactions per day. However, recent figures from Santiment show a slight decline, with transactions falling from 706 to 698 over the past 24 hours.