PEPE Diamond Hand Reinvests $1.34M to Buy 173B PEPE After Netting +886% Profit

A recent market surveillance report has highlighted a notable move by a PEPE meme coin trader with an impressive track record.

The trader has caught the attention of the crypto community after securing $1.77 million in profits from a single trade. This savvy trader has now strategically reinvested $1.34 million in PEPE tokens, demonstrating continued confidence in the volatile meme coin.

Details of The PEPE Whale Transactions

According to Lookonchain’s analysis, the trader initially purchased 170 billion PEPE tokens for 200,000 USDC on October 25, 2023. This buy-and-hold strategy paid off handsomely over the next nine months, as the trader finally decided to sell their holdings on July 25, 2024. 

The sale of 170 billion PEPE tokens netted a staggering $1.97 million USDC, marking an impressive 886% profit.

What’s more intriguing is the trader’s decision to double down on their PEPE investment after the sale. Using $1.34 million USDC from the proceeds, the trader bought back 173 billion PEPE tokens. This move suggests a bullish outlook on the future of the PEPE meme coin despite the volatility risks associated with meme-based cryptocurrencies.

Lookonchain’s data, sourced from Etherscan, provides a detailed transaction history of the trader’s wallet (0x612e198b…). The records corroborate the large-scale buy-and-sell transactions involving PEPE and USDC.

Notably, the latest acquisition of PEPE tokens occurred in multiple transactions where USDC stablecoins were exchanged for PEPE within the last 24 hours. This accumulation comes at a time when PEPE is experiencing significant volatility in the crypto market.

At the current value of $0.000008063, PEPE is down over 32% from its price 30 days ago. Earlier this week, PEPE rallied to a monthly high of $0.000009831, nearly eliminating a leading zero. This uptrend followed a sharp decline to $0.000005901 on August 5, representing a notable rebound of 66.59%.

However, PEPE is quickly losing its recent gains as the broader crypto market sentiment turns bearish again.

While this diamond-hand whale “0x612e198b” has been successful in his earlier PEPE investment, others haven’t fared as well. 

PEPE Whales Underwater

In an earlier analysis, Lookonchain highlighted a wallet that withdrew 828.64 billion PEPE, worth $6.18 million, from Kraken. This whale had sold 500 billion PEPE at $0.000008 and repurchased 828 billion PEPE at $0.0000074. Holding 1.33 trillion PEPE valued at $9.93 million, the whale still faces a $3.3 million loss.

Another update from Lookonchain reveals a similar story of loss. A whale sold 500 billion PEPE, worth $4 million, at a loss. This whale had accumulated 750.38 billion PEPE for $8.34 million from Kraken and subsequently deposited 500 billion PEPE ($4 million) back into Kraken, retaining 250.33 billion PEPE ($2.02 million), resulting in a loss of over $2.3 million.