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Five Memecoin Addresses Pocket 3,200% Profit After Buying Bottom and Selling Top of Recent Frenzy: On-Chain Data

source-logo  dailyhodl.com 26 April 2023 08:45, UTC

Five crypto addresses pocketed a total value of over a million dollars after trading a highly volatile new memecoin this month.

Blockchain tracker Lookonchain reports that five addresses related to the same wallet bought 8.87 trillion of PEPE, a new token inspired by the controversial “Pepe the Frog” memes, earlier in April for about $385 worth of Ethereum (ETH).

The addresses then sold 7.76 trillion PEPE for $1.23 million later in the month. Lookonchain notes that these addresses “are likely” to be some of the Pepe project’s internal addresses.

Historically, new crypto memecoins tend to display extreme volatility and can suffer from high concentrations of wealth and elevated risks of pump-and-dump price crashes.

Security detection platform GoPlus Labs reports there are some honeypot risks associated with trading PEPE, such as an anti-whale measure intended to limit the number of tokens that can be purchased at the same time, the ability of the said measure to be modified, and a blacklist that can ban certain users from being able to buy the token.

PEPE is trading at $0.000000264 at time of writing. The 272nd-ranked crypto asset by market cap is down more than 7.5% in the past 24 hours but up more than 300% since it launched on April 17th.

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