Blockchain tracker Lookonchain has spotted an Ethereum (ETH) address that managed to flip $251 into potential profits of over $1 million on a new trending meme coin.
Lookonchain says the trader, who has yet to close out his position at time of writing, has made about 4,500x on his principal investment by going long on PEPE, a coin inspired by the famous “Pepe the Frog” memes.
According to DexTools, PEPE ran up more than 640,000% from its launch price, and is currently trading at $0.000000328, about 10% down from its all-time high.
Says Lookonchain,
“The SmartMoney is the luckiest guy I’ve seen recently.
He spent 0.125 ETH ($251) to buy 5.9T PEPE ($1.14M currently) 4 days ago.
If he sells at the current price of $0.0000001933, he will get a profit of ~$1.14M, more than 4,500x.”
PEPE has managed to crack its way into the top 250 crypto assets by market cap, and is currently the best-performing coin in the last 24 hours within the top 250.
Lookonchain says a group of Ethereum addresses have been displaying impeccable abilities to capture meme coin explosions.
“You might be interested in these 4 SmartMoneys.
They bought PEPE and AIDOGE earlier and have achieved 10x+ gains so far.
Follow these addresses to see what MEME coins they will buy next.”
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Featured Image: Shutterstock/your/dTosh
Source: https://dailyhodl.com/2023/04/19/lucky-trader-nets-454083-on-one-trade-with-explosive-new-meme-coin-on-chain-data/