A Trader Turns $3,000 into 73 Million with Memcoin PEPE, How Did He Do It?
The user increased the capital invested in the cryptocurrency meme by 24,000 times.
A user increased the capital invested in the meme cryptocurrency by 24,000 times.
A trader increased the capital invested in the memecoin PEPE by 24,000 times, according to analytics platform Lookonchain. He invested about $3,000 in the token, and his total profit reached $73 million.
"Turning $3,000 into $73 million, a 24,656-fold profit, is legendary!" - the analysts wrote.
In the comments to Lookonchain's post, some users suggested that the lucky anonymous trader might be an insider or an acquaintance of the PEPE token's creators.
As of 10 December, the token sits among the top three memecoins, surpassed only by Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of capitalisation ($10.6 billion).
According to Lookonchain, an unknown trader invested about $3.000 to buy 4.91 trillion PEPE almost immediately after the token's launch on 15 April 2023.
He gradually sold his PEPE as the price increased, cashing in 3.03 trillion tokens for $27.5 million. The trader still holds 1.88 trillion PEPE ($45.66 million), bringing his total profit to an incredible $73 million, analysts write.
PEPE
On 9 December, the PEPE token reached a new all-time high at $0.000028. In the past month, it has risen 124% and since 5 November (US presidential election day) 212%.
The rapid rise of the coin to a new high, as well as the overall growth of the memecoin market, occurred in November. After it became known that Trump, a pro-cryptocurrency figure, had been elected president of the United States, the major US cryptocurrency exchanges - Coinbase and Robinhood - began adding memecoins, including PEPE, which affected the token rate. However, investments in memecoins often end up with the same resounding failure stories. In July of this year, one trader lost $12 million on the political memecoin Jeo Boden (BODEN), named in honour of Joe Biden.
The Rise of PEPE: The Journey of a Trader from 3.000 to 73 Million Dollars
PEPEPE, a memecoin inspired by the popular "Pepe the Frog" meme, has gained much attention due to the enthusiasm generated by its community and its viral appeal. The trader's success story underlines the potential of early investment in highly volatile assets. However, such dramatic gains often carry equally significant risks.
Memecoins like PEPE are known for their unpredictable price fluctuations, driven more by social media trends and community enthusiasm than fundamental value. The trader's colossal gain demonstrates not only impeccable timing, but also an extraordinary tolerance for risk.
While this story captures the imagination, experts warn against replicating such risky strategies. Cryptocurrencies, particularly memecoins, are subject to extreme volatility and regulatory uncertainties, making them a high-risk investment.
The success of the PEPE trader is a testament to the unpredictable opportunities in the cryptocurrency market, but also highlights the importance of prudent investment strategies, risk management and diversification. Investors are urged to do due diligence and proceed with caution in this volatile market.
The largest cryptocurrency exchange Deribit received a takeover offer. The Kraken exchange was interested in acquiring the largest platform for trading cryptocurrency derivatives.
A user increased the capital invested in the meme cryptocurrency by 24,000 times.
A trader increased the capital invested in the memecoin PEPE by 24,000 times, according to analytics platform Lookonchain. He invested about $3,000 in the token, and his total profit reached $73 million.
"Turning $3,000 into $73 million, a 24,656-fold profit, is legendary!" - the analysts wrote.
In the comments to Lookonchain's post, some users suggested that the lucky anonymous trader might be an insider or an acquaintance of the PEPE token's creators.
As of 10 December, the token sits among the top three memecoins, surpassed only by Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of capitalisation ($10.6 billion).
According to Lookonchain, an unknown trader invested about $3.000 to buy 4.91 trillion PEPE almost immediately after the token's launch on 15 April 2023.
He gradually sold his PEPE as the price increased, cashing in 3.03 trillion tokens for $27.5 million. The trader still holds 1.88 trillion PEPE ($45.66 million), bringing his total profit to an incredible $73 million, analysts write.
On 9 December, the PEPE token reached a new all-time high at $0.000028. In the past month, it has risen 124% and since 5 November (US presidential election day) 212%.
The rapid rise of the coin to a new high, as well as the overall growth of the memecoin market, occurred in November. After it became known that Trump, a pro-cryptocurrency figure, had been elected president of the United States, the major US cryptocurrency exchanges - Coinbase and Robinhood - began adding memecoins, including PEPE, which affected the token rate. However, investments in memecoins often end up with the same resounding failure stories. In July of this year, one trader lost $12 million on the political memecoin Jeo Boden (BODEN), named in honour of Joe Biden.
The Rise of PEPE: The Journey of a Trader from 3.000 to 73 Million Dollars
PEPEPE, a memecoin inspired by the popular "Pepe the Frog" meme, has gained much attention due to the enthusiasm generated by its community and its viral appeal. The trader's success story underlines the potential of early investment in highly volatile assets. However, such dramatic gains often carry equally significant risks.
Memecoins like PEPE are known for their unpredictable price fluctuations, driven more by social media trends and community enthusiasm than fundamental value. The trader's colossal gain demonstrates not only impeccable timing, but also an extraordinary tolerance for risk.
While this story captures the imagination, experts warn against replicating such risky strategies. Cryptocurrencies, particularly memecoins, are subject to extreme volatility and regulatory uncertainties, making them a high-risk investment.
The success of the PEPE trader is a testament to the unpredictable opportunities in the cryptocurrency market, but also highlights the importance of prudent investment strategies, risk management and diversification. Investors are urged to do due diligence and proceed with caution in this volatile market.
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