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Blockchain tracker Lookonchain says one savvy crypto trader gained a 10,000,000% profit in less than two years on a Dogecoin (DOGE) and Shiba Inu (SHIB) rival.
According to Lookonchain, one anonymous trader turned just $70.40 into $7.06 million in only 20 months by purchasing memecoin Pepe (PEPE) in the early days.
“An early buyer who spent only 0.035 ETH ($70.40) to buy 2.61 trillion PEPE ($57.3 million currently) deposited the remaining 189.4 billion PEPE($4.15M) to Kraken [on Thursday]. Even though he sold most of his PEPE early on, he turned $70.40 into $7.06 million – a return of over 100,000x.”
Lookonchain also noticed other large Pepe holders realizing massive profits this week.
One Pepe trader was spotted realizing a gain of more than 3,018%.
“After holding for over a year, this trader turned $241,500 into $7.53 million! This trader withdrew 375.65 billion PEPE ($241,500 at that time) from Gemini on Sept 20th, 2023, and sold 19.55 billion PEPE for $244,000 between February 17th and September 26th this year. [On Tuesday], he deposited the remaining 356.1 billion PEPE ($7.28 million) into Kraken.”
Another Pepe trader realized $1.31 million in profits.
“A whale bought 240 billion PEPE ($3.64 million) at a high price on May 29th, and the price of PEPE dropped afterward. But instead of panic selling, he held on for six months. [On Wednesday], he sold his 240 billion PEPE ($4.95 million), making a profit of $1.31 million!”
Despite the profit taking, Lookonchain notices massive buying is still happening by deep-pocketed investors.
“Whales continue to accumulate PEPE! A whale has withdrawn 337.09 billion PEPE ($6.92 million) from Binance in the past 20 days.”
PEPE is trading for $0.00002113 at time of writing, down 2.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
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