A crypto trader has managed to turn $3,000 into a jaw-dropping $73 million by trading PEPE memecoin.
According to the data from Lookonchain, a trader bought 4.91 trillion PEPE tokens in April 2023, just as the coin was launched. Because the price was so low at the time, the trader was able to buy in early before the coin’s value exploded.
Over time, the trader sold off some of their PEPE tokens and cashed out 3.03 trillion coins for $27.5 million. At the time of the report, this trader still holds 1.88 trillion PEPE tokens, which are now worth $45.6 million.
On December 9, PEPE reached a new all-time high of $0.000028 and a market cap of $11.8 billion, though the price dropped a bit after that to around $10.6 billion. On that same day, the trader sold 100 billion PEPE coins worth about $2.8 million on Coinbase.
The trader was able to make this profit due to the growth $PEPE has seen since its launch. This year alone, it increased by 1370% to a Market Capitalization of 10 billion.
In fact, another investor made headlines earlier this year by turning just 0.125 ETH into $1.14 million by investing in PEPE at the right time.
However, PEPE has recently declined due to a sell off in the crypto market. Right now, the price is down 15% in a day and the Market Cap has also dropped by 15% to $9.6 billion.
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