A cryptocurrency trader has managed to turn around $3,000 into $73 million using the meme-inspired cryptocurrency $PEPE in a massive trade that netted them a 24,656 return over more than a year.
According to data shared by on-chain analysis service Lookonchain, the trader invested around $3,000 in the meme-inspired cryptocurrency back in April 2023 to acquire 4.91 trillion PEPE tokens. The purchase, made around the time the cryptocurrency was launched, allowed the trader to get a good price on it before it started surging.
PEPE, thanks to the popularity of meme-inspired cryptocurrencies and its inspiration on the popular internet meme Pepe the Frog, has grown to become the 20th largest cryptocurrency by market capitalization, having surged 156% over the last 12 months to now have a $10.8 billion market cap. Just a month after it was launched, its market cap quickly rose to $1 billion.
The trader, Lookonchain details, kept on selling their PEPE tokens over time and has now cashed out 3.03 trillion PEPE for $27.5 million, and is still holding onto 1.88 trillion tokens worth $45.6 million.
Turning $3K into $73M, a 24,656x return, what a legend!
Before the market plummeted, $PEPE broke through $0.000028, setting a new #ATH!
This legendary trader sold another 100B $PEPE($2.8M) for profit.
This trader invested ~$3K to buy 4.91T $PEPE on Apr 15, 2023.
Over time, he… pic.twitter.com/Z46fT8dbiY
— Lookonchain (@lookonchain) December 10, 2024
As CryptoGlobe reported, the frog-themed memecoin saw its price surge after it was listed on the popular cryptocurrency exchange Coinbase last month. Despite warnings about the contract owner’s potential ability to modify transaction taxes and blacklist functions, PEPE’s market has seen a remarkable boom.
Earlier, a fortunate cryptocurrency investor has seemingly managed to turn an investment of just 0.125 ETH in PEPE into a staggering $1.14 million in just a matter of days by buying into it at the right time.
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