According to on-chain data provided by Lookonchain, a meme coin trader managed to convert an initial investment of $1.7 million in PEPE, a widely recognized meme coin, into a staggering profit of $8.13 million, marking an extraordinary 431% increase in just two weeks.
PEPE Experiences Explosive Surge
PEPE, a meme coin devoid of practical application, soared to unprecedented heights in early May 2023 following its listing on Binance. However, the latter half of the year saw a decline in token prices.
Nevertheless, propelled by the surging values of Bitcoin and Ethereum, alongside the triumph of other meme coins, particularly those on the Solana network, PEPE has staged a remarkable comeback, experiencing a resurgence in Q1 2024. Surpassing its May 2023 peak, it is currently scaling new all-time highs.
As of March 11, data from CoinMarketCap indicates that the token boasts a market capitalization exceeding $3.8 billion. Apart from Dogecoin, the original meme coin, PEPE stands as the sole other token within the same category to secure a position 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
In just two weeks, a trader managed to grow $1.7 million into an impressive $8.31 million.
The frog meme coin has seen a 3% uptick in its value on the latest trading day, marking a notable uptrend. However, what truly catches attention is its staggering surge, which has seen an increase of over 800% since late February 2024.
In a strategic move to capitalize on the burgeoning meme coin markets, a trader initiated a deposit of 196.18 billion units of PEPE, equivalent to $1.7 million at the time, onto Binance, the largest cryptocurrency exchange globally. Subsequent tracking revealed that the trader withdrew 1.19 trillion PEPE tokens, valued at $1.88 million, from the exchange just before prices began their meteoric rise.
By holding onto this substantial amount of the meme coin as prices skyrocketed from the third week of February 2024, the trader skillfully rode the wave of the trend, resulting in substantial gains.
Fast forward to March 11, and the trader transferred 196.18 billion PEPE tokens back to Binance. Impressively, the address still retains control over 1 trillion units of the meme coin, now valued at an astounding $8.31 million.
The intentions of the whale address regarding further unloading of PEPE tokens and profit-taking remain unclear. However, overarching sentiment among analysts remains bullish towards both the cryptocurrency and meme coin sectors.
With Bitcoin surpassing the $72,000 mark and Ethereum trading above $4,000 at the time of writing, it’s anticipated that there will be a spill-over effect onto meme coins, propelling popular assets like PEPE to new valuation heights.
As evidence of this market momentum, the total market capitalization of meme coins now exceeds $61 billion, with Dogecoin, Shiba Inu, PEPE, and Floki Inu emerging as the top four contenders in this space.
