Here’s how this trader turned $3,000 into $73m with PEPE

A crypto trader has secured substantial returns with Pepe despite the ongoing brutal correction plaguing the broader market.

Data confirms that the investor successfully transformed $3,000 to $73 million by entering the Pepe (PEPE) market early. Blockchain analytics platform Lookonchain recently highlighted the trader’s journey.

Notably, the trader initially invested approximately $3,000 across three transactions to purchase 4.91 trillion PEPE tokens in April 2023, two days after the meme coin started trading in the public market.

As PEPE gained traction and set a new all-time high of $0.000004487 in May 2023, this investor started selling off parts of holdings at a profit. The selloff spree, which began on May 5, 2023, continued until May 18, 2023.

After the pause, the investor resumed the sales in February this year, as PEPE embarked on another uptrend. The distribution campaign persisted until recently, with the latest sale involving 100 billion Pepe for $2.8 million today.

So far, the trader has liquidated 3.03 trillion PEPE, realizing profits totaling $27.5 million. Despite these sales, the wallet still retains 1.88 trillion tokens worth $45.66 million at the reporting time. This brings their total gains to a staggering $73 million, representing a 24,656 times return on investment.

Notably, the latest sale occurred before the recent PEPE collapse, as the meme coin dropped to the $0.000025 region on the back of the broader market crash. PEPE currently trades for $0.00002554 at the time of writing, down 3.73% over the past 24 hours.

Despite the price drop, Lookonchain revealed that significant whale activity has been contributing to PEPE’s resilience in the face of market turbulence. 

Remarkably, a single whale, possibly controlling nine wallets, moved $13.8 million in DAI to purchase 555 billion PEPE tokens within just two hours. The average buying price for these transactions was $0.000025.

The recent development is the latest in a series of profit-taking trades involving meme coins. In one instance, a trader turned a $727 investment into $2.42 million in only four days by trading Goatseus Maximus (GOAT). 

However, not all trades have been successful. In October, another trader experienced losses after a poorly timed investment in GOAT, missing out on a $6 million profit.