Here’s how this trader turned $3,000 into $73m with PEPE

A crypto trader has secured substantial returns with Pepe despite the ongoing brutal correction plaguing the broader market.

Data confirms that the investor successfully transformed $3,000 to $73 million by entering the Pepe ($PEPE) market early. Blockchain analytics platform Lookonchain recently highlighted the trader’s journey.

Notably, the trader initially invested approximately $3,000 across three transactions to purchase 4.91 trillion $PEPE tokens in April 2023, two days after the meme coin started trading in the public market.

As $PEPE gained traction and set a new all-time high of $0.000004487 in May 2023, this investor started selling off parts of holdings at a profit. The selloff spree, which began on May 5, 2023, continued until May 18, 2023.

After the pause, the investor resumed the sales in February this year, as $PEPE embarked on another uptrend. The distribution campaign persisted until recently, with the latest sale involving 100 billion Pepe for $2.8 million today.

So far, the trader has liquidated 3.03 trillion $PEPE, realizing profits totaling $27.5 million. Despite these sales, the wallet still retains 1.88 trillion tokens worth $45.66 million at the reporting time. This brings their total gains to a staggering $73 million, representing a 24,656 times return on investment.

Notably, the latest sale occurred before the recent $PEPE collapse, as the meme coin dropped to the $0.000025 region on the back of the broader market crash. $PEPE currently trades for $0.00002554 at the time of writing, down 3.73% over the past 24 hours.

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Source: crypto.news

Despite the price drop, Lookonchain revealed that significant whale activity has been contributing to $PEPE’s resilience in the face of market turbulence.

Remarkably, a single whale, possibly controlling nine wallets, moved $13.8 million in $DAI to purchase 555 billion $PEPE tokens within just two hours. The average buying price for these transactions was $0.000025.

The recent development is the latest in a series of profit-taking trades involving meme coins. In one instance, a trader turned a $727 investment into $2.42 million in only four days by trading Goatseus Maximus (GOAT).

However, not all trades have been successful. In October, another trader experienced losses after a poorly timed investment in GOAT, missing out on a $6 million profit.