According to cryptocurrency analysis firm LookOnChain, a trader earned more than $46 million in profit with just $3000 worth of Pepe (PEPE). The trader secured a gain of about 15718X, or 1533233.33% (1.5 million percent).
The trader purchased 4.9 trillion PEPE tokens on Apr. 15, 2023, for around $3000. Today, the 4.9 trillion tokens are worth around $46 million. The trader sold 1.41 trillion Pepe for $7.4 million, with 3.5 trillion tokens still in holding, worth around $38.9 million.
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The aforementioned cryptocurrency trader is not the only wallet making profits with PEPE. According to LookOnChain, another Pepe smart money bought Pepe almost every day from Dec. 1, 2023, to Feb. 12, 2024. The trader spent almost $1.49 million to buy 1.4 trillion tokens. The trader recently sold 140 billion tokens for $1.57 million. The wallet still holds 1.226 trillion PEPE worth around $14 million.
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Is Pepe the new cryptocurrency of choice?
Pepe took the crypto community by storm after its launch in April 2023. The asset rallied by many thousand percent soon after its debut. Memecoins, in general, have outperformed some of the largest crypto projects. Apart from Pepe, Bonk (BONK) and dogwifhat (WIF) are also making waves within the community. Traders may be choosing memecoins at the moment as other altcoins are pretty stagnant right now.
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Pepe hit a new all-time high today, reaching a price of $0.00001151. Pepe has been consistently hitting a new high. The asset is currently the best-performing cryptocurrency among the top 100 projects in the weekly charts. However, the asset may face a correction soon as it does not have a lot of utility. Moreover, adoption remains low.