PEPE Trader Makes Astonishing Profit of $8.13 Million in 2 Weeks
On-chain data reveals that a trader managed to turn $1.7 million worth of PEPE, a popular meme coin, into a staggering profit of $8.13 million in just two weeks. This remarkable gain translates to a 431% increase in value.
PEPE Skyrocketing
PEPE is a meme coin that lacks utility and had experienced a decline in token prices after reaching all-time highs in May 2023 upon its listing on Binance. However, with the recent surge in Bitcoin and Ethereum prices and the success of other meme coins, particularly on the Solana blockchain, PEPE has regained momentum and is rallying in Q1 2024. It has surpassed its May 2023 highs and is currently trending towards new all-time highs.
According to CoinMarketCap data as of March 11, PEPE commands a market capitalization exceeding $3.8 billion. Alongside Dogecoin, the original meme coin, PEPE is one of the only two tokens within this category to be ranked in the top 50 cryptocurrencies by market cap.
Trader Turns $1.7 Million Into $8.31 Million
The frog meme coin has seen a 3% increase in value on the most recent trading day and has soared over 800% since late February 2024.
To take advantage of the surging meme coin market, a trader deposited 196.18 billion PEPE tokens worth $1.7 million at that time into Binance, which is currently the largest cryptocurrency exchange globally.
The trader withdrew 1.19 trillion PEPE tokens worth $1.88 million from the exchange before prices began to skyrocket.
By holding onto a significant portion of the meme coin as prices started to surge in the third week of February 2024, the trader was able to ride the trend and generate massive profits.
On March 11, the trader transferred 196.18 billion PEPE tokens to Binance. The address still holds 1 trillion of these tokens, which are now valued at $8.31 million.
It remains uncertain whether the whale address will continue selling off PEPE tokens and cashing in on profits. Nevertheless, analysts remain optimistic about cryptocurrencies and meme coins in general.
Given that Bitcoin has surpassed $72,000 and Ethereum is trading above $4,000 at the time of writing, it is likely that meme coins will benefit from this positive market sentiment, leading to further price increases for popular assets like PEPE.
The total market capitalization of meme coins now exceeds $61 billion, with Dogecoin, Shiba Inu, PEPE, and Floki Inu occupying the top four positions.
Hot Take: Expect More Gains for Meme Coins
With the recent success of the PEPE trader and the overall bullish outlook on cryptocurrency markets, it is reasonable to anticipate further gains for meme coins in the future. Here’s what you should keep in mind:
- The PEPE trader turned $1.7 million into $8.13 million profit within just two weeks.
- PEPE is experiencing a resurgence in value after a previous decline.
- The trader capitalized on the surging meme coin market by depositing $1.7 million worth of PEPE into Binance.
- The trader withdrew $1.88 million worth of PEPE before prices skyrocketed.
- An address still holds 1 trillion PEPE tokens worth $8.31 million.
- The market capitalization of meme coins now exceeds $61 billion, with Dogecoin, Shiba Inu, PEPE, and Floki Inu leading the pack.
Considering these factors, it is evident that meme coins have the potential to generate significant profits for traders who can accurately time their investments.
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