On-chain data reveals that a savvy crypto trader has netted a staggering 3,263,900% profit from a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival.
According to blockchain tracker Lookonchain, the investor bought over 2.5 trillion of meme coin Pepe (PEPE) using $25 worth of Ethereum (ETH).
The value of the purchased PEPE is now $816,000, meaning the trader saw a staggering 32,000x profit.
Lookonchain also notes that the trader has traded other “shitcoins” over the last two years, netting about $2 million in profit.
“This guy is really good at trading shitcoins! He bought 2.52 trillion PEPE ($816,000 currently) with 0.013 ETH ($25), which made him a 32,000X profit.
He has traded 3,000+ shitcoins in the past 2+ years and probably realized ~$2 million in profit.”
Another example would be the investor’s purchase of data-trading blockchain Machine Exchange Coin (MXC). The blockchain tracking platform found that they bought MXC using 0.5 ETH in June 2021 and sold them for 142.5 ETH just 30 minutes later, a 284x profit.
Recently, it was uncovered that another trader also hauled in massive gains from investing in PEPE. The lucky trader saw a 454,083% increase in unrealized gains as they managed to turn $251 into a potential profit of over $1 million.
However, according to token security detection platform GoPlus Labs, there are some honeypot risks associated with trading PEPE, such as an anti-whale measure intended to limit the number of tokens that can be purchased at the same time, the ability of the said measure to be modified, and a blacklist that can ban certain users from being able to buy the token.
PEPE is trading for $0.000000299 at time of writing, a 12% drop during the last 24 hours while MXC is valued at $0.0183, a 2.5% drop on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/tutsi
Source: https://dailyhodl.com/2023/04/20/trader-nets-3263900-profit-on-new-dogecoin-doge-and-shiba-inu-shib-rival-on-chain-data/