On-chain data from Lookonchain shows that one meme coin trader turned $1.7 million in PEPE, a popular meme coin, into $8.13 million profit, posting a remarkable 431% gain, in two weeks.
PEPE Skyrocketing
PEPE is a meme coin without utility. After rising to all-time highs in early May 2023 when it was listed on Binance, token prices began plunging in the second half of last year.
However, with rising Bitcoin and Ethereum prices and the success of other meme coins, especially on Solana, PEPE is back on track, rallying in Q1 2024. It is now above May 2023 highs and trending in new all-time highs.
CoinMarketCap data on March 11 shows that the token commands a market cap of over $3.8 billion. Besides Dogecoin, the original meme coin, PEPE is the only other token in the same category in the top 50.
In just 2 weeks, this trader made $8.13M(+431%) on $PEPE!
This trader deposited 196.18B $PEPE($1.7M) to #Binance for profits 4 hours ago, with 1T $PEPE($8.31M) left.
He withdrew 1.19T $PEPE(cost ~$1.88M) from #Binance before the price of $PEPE increased.… pic.twitter.com/FWZgIWcCYP
— Lookonchain (@lookonchain) March 10, 2024
Trader Turns $1.7 Million To $8.31 Million In 2 Weeks
The frog meme coin is up 3% on the last trading day. However, it has added over 800% from late February 2024.
To capitalize on trending meme coin markets, one trader deposited 196.18 billion of PEPE worth $1.7 million at the time to Binance, the world’s largest crypto exchange.
As trackers show, the trader withdrew 1.19 trillion PEPE worth $1.88 million from the exchange before prices began soaring.
By holding on to the big chunk of the meme coin when prices began soaring from the third week of February 2024, the trader rode the trend and benefited massively.
On March 11, the trader moved 196.18 billion PEPE to Binance. The address still controls 1 trillion of the meme coin worth $8.31 million.
It is unclear whether the whale address will continue unloading PEPE and taking profits. Overall, analysts are bullish on crypto and meme coins.
With Bitcoin cracking past $72,000 and Ethereum trading above $4,000 when writing, there will likely be spillover to meme coins, further lifting popular assets like PEPE to new valuations.
The total meme coin market cap is now above $61 billion, with Dogecoin, Shiba Inu, PEPE, and Floki Inu sealing the top four.
Read the full article here
