The popular market tracker Lookonchain has uncovered several addresses related to the wallet of the PEPE meme coin team, pepecexwallet.eth, that have made a significant profit by buying and selling PEPE tokens lately.
It revealed that five addresses bought 8.87 trillion PEPE at a low price of 0.19 ETH, which amounted to approximately $385. However, they sold 7.76 trillion PEPE for a whopping $1.23 million on a decentralized exchange, making a profit of nearly $1.23 million, a staggering 3,200x return on investment.
1/ We found that 5 addresses related to pepecexwallet.eth bought 8.87T $PEPE at a low price, and the cost was ~0.19 $ETH ($385).— Lookonchain (@lookonchain) April 24, 2023
Then sold 7.76T $PEPE for $1.23M on #DEX, made nearly $1.23M (3,200x)! pic.twitter.com/hIvTJX6UTK
Lookonchain gave a breakdown of how the identified wallets made multiple purchases of the meme coin to amass an extraordinary profit. In the first transaction, the wallet with the address “0xAd10” used 0.0195 units of ETH worth $39.3 to purchase 2.44 trillion PEPE. The wallet then transferred the purchased PEPE to another with the address “0x9807”.
In the second transaction, the wallet with the address “0x9807” used 0.11 units of a different crypto called WETH, worth $230.84, to purchase 0.06 trillion PEPE. The wallet then transferred its PEPE to another with the address “0x7607”.
In the final transaction, the wallet with the address “0x7607” used $35 ETH to purchase 1.77 trillion units of PEPE and sold all, which amounted to 4.26 trillion units, for $726,218. The transaction histories are verifiable on Debank, a popular platform that allows users to track and analyze market data.
Notably, PEPE is a new meme coin launched in mid-April 2023, with a circulating supply of 420 trillion tokens and a market share of $113 million.