Massive Profit-Booking by PEPE Coin Trader Sparks Doubts of Insider Trading

Massive Profit-Booking by PEPE Coin Trader Sparks Doubts of Insider Trading

The current rally in GameStop Corp (NYSE: GME) on Wall Street has provided a strong boost to the entire meme coin sector with the Ethereum-based meme coin minting more than 40% profits in the last three trading days. As of press time, PEPE Coin is trading at a price of $0.00001064 with its market cap crossing $4.5 billion. PEPE Coin traders have been minting heavy profits with one such trader turning a mere $3,000 investment into a staggering $46 million.

As per data provided by Lookonchain, the trader invested $3,000 into PEPE last year on April 15, 2023, thereby purchasing 4.9 trillion PEPE tokens. On the other hand, the one-year returns for PEPE stand at a staggering 575%.

The trader offloaded 1.41 trillion PEPE tokens for $7.4 million and another 255 billion PEPE for roughly $2.3 million. Even after these transactions, the trader retains 3.5 trillion PEPE tokens, which are currently valued at approximately $38.9 million. As a result, their total profit comes closer to $46 million.

However, the timing of the purchase sparked concerns within the cryptocurrency community as it closely coincided with PEPE’s launch. Additionally, on the same date, blockchain data revealed that the trader exchanged 20,000 Timeless (LIT) tokens, valued at approximately $2,256, for 3.4 trillion PEPE tokens.

Considering LIT’s relatively unknown status and market capitalization of only $3.6 million, the decision to swap LIT for PEPE at that juncture implies potential access to privileged information.

As of April 15, 2023, the LIT token was priced at $0.111814, significantly higher than its current value of $0.001539. This discrepancy further fueled suspicions regarding the trader’s potential insider status. Nonetheless, the trade turned out to be well-timed and exceptionally profitable.

Regardless of what’s the actual reality behind the PEPE Coin insider trading, the meme coin touched a new all-time high earlier today at $0.00001151 today.

PEPE Smart Whale Mints $44 Million

Lookonchain highlights yet another whale activity for PEPE Coin wherein a whale has minted a staggering 772% return within just six months. The data provider noted that the smart whale turned its $5 million investment into a staggering $44 million. The whale accumulated most of the PEPE coins in the period between November 2023 to February 2024.

The whale has already booked profits worth $1 million. Despite this sale, they still retain a substantial balance of 3.86 trillion PEPE tokens, valued at an impressive $43 million based on current market

Massive Profit-Booking by PEPE Coin Trader Sparks Doubts of Insider Trading