coinspress.com
The Pepe (PEPE) coin is a relatively new meme coin that was introduced in late 2021. It quickly gained popularity among meme coin traders, with many speculating that it could be the next big thing in the meme coin market.
The trader in question appears to have recognized the potential of PEPE early on and invested a significant amount in the coin at a relatively low price.
According to on-chain data from Lookonchain, the trader’s investment in PEPE has yielded a combined realized and paper profit of over $1.7 million.
1. 🧵
A SmartMoney bought 4T $PEPE at a cost of 2.1 $ETH ($4,410) and made ~$1.71M!
And this guy also traded a lot of #MEME coins.
Let's learn about his trading strategy and portfolio.👇
— Lookonchain (@lookonchain) May 2, 2023
After each price surge, the trader sold most of the PEPE coins, which resulted in a profit of $906,000 from the sale of 3.27 trillion PEPE. At present, the trader holds 700 billion PEPE, which is worth $808,000.
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In addition to PEPE, the trader has also invested in other meme coins, including BULL and BABYPEPE, both of which have seen significant increases in value. BULL has increased in value by 500%, while BABYPEPE has risen by 415%.
The trader predominantly transacts on the Ethereum blockchain, with 97% of the assets held on Ethereum. The fact that the trader has made profits on different meme coins on various blockchain networks suggests that the trader is well-informed and deeply understands the crypto market.
It is worth noting that investing in meme coins, like any investment, comes with risks. The values of these coins can be highly volatile, and the market can be unpredictable. As such, investors should always exercise caution when investing in meme coins or any other type of cryptocurrency.