Trader Scores Massive Profits Amid Meme Coin Frenzy
According to blockchain investigation firm Lookonchain, an astute trader specializing in identifying trends in meme coins, has achieved significant profits over the past month.
Lookonchain has revealed that the trader earned considerable amounts of Ethereum (ETH) by engaging in trades involving Pepe Coin (PEPE) and another altcoin with a low market capitalization.
The firm shared details of the trader’s success, highlighting their impressive earnings of 562.64 ETH ($1.06 million) in the previous month.
Specifically, the trader gained 189.5 ETH ($345,306, resulting in fourfold gains) from their involvement with RFD, while their engagement with PEPE resulted in gains of 127 ETH ($248,697, a remarkable 32-fold increase). The trader’s profits from PEPE alone amounted to a remarkable 32 times their initial investment, as verified by Lookonchain.
Over the past month, this meme coin enthusiast actively traded 104 different tokens, out of which 66 trades proved profitable. Consequently, the trader achieved a commendable success rate of 63.5%, according to Lookonchain’s findings.
Lookonchain has recently documented several instances where traders capitalized on the substantial upward movements of PEPE. In one such instance earlier this month, a trader achieved a 48x increase in their investments through PEPE trades.
A SmartMoney who made 1,219 $ETH($2.2M) on $PEPE spent 1,173 $ETH ($2.1M) to buy 1.33T $PEPE again 14 hrs ago, the buying price is $0.000001586.
He bought 2.24T $PEPE with 26 $ETH($48K) at $0.00000002166, then sold for 1,245 $ETH($2.24M) at $0.0000009985, with a gain of 48x. pic.twitter.com/DA2FlIHo00
— Lookonchain (@lookonchain) May 13, 2023
Furthermore, this particular trader utilized their profits to repurchase PEPE during a price dip, as evidenced by on-chain data revealing ETH’s conversion into additional PEPE tokens on the decentralized crypto exchange Uniswap (UNI).
READ MORE: Crypto Market Sees Institutional Caution as Outflows Persist
Another case highlighted by Lookonchain involves a discerning investor, labeled as a SmartMoney individual, who successfully earned 1,219 ETH ($2.2 million) through PEPE trades.
Subsequently, this investor allocated 1,173 ETH ($2.1 million) to repurchase 1.33 trillion PEPE tokens at a buying price of $0.000001586 per token. Additionally, they purchased 2.24 trillion PEPE with 26 ETH ($48,000) at $0.00000002166 per token.
Later, they sold these tokens for 1,245 ETH ($2.24 million) at $0.0000009985 per token, resulting in a remarkable 48-fold gain. Currently, PEPE is experiencing a predominantly sideways trading pattern at $0.000002 per token over the week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
