The cryptocurrency whale with starting address 0x025, who made a fortune trading meme coin PEPE earlier this year, suffered a significant loss in his second attempt to benefit from the memecoin hype.
According to transaction data, 0x025 swapped 263 billion PEPE tokens for 226,000 DAI stablecoins at a price of $0.0000008591 per token on August 31, 2023. This means he lost approximately $174,000, or 43.4%, of his initial $400,000 investment on July 10, 2023.
This is in stark contrast to the whale’s first PEPE transaction, which was one of the most profitable transactions in memecoin history. Between April 17 and May 31, 2023, 0x025 purchased 329 ETH and 3.7 trillion tokens and sold them for 1,744 ETH, making a profit of 1,414.5 ETH in just 44 days, or approximately $2.6 million at that time.
Whale’s total net profit from these two trades was 2.44 million dollars.
Not long ago, memecoin’s team had major problems and a few names from the team sold loads of tokens from multisig wallets without informing them. In addition, the number of signatures required to make changes to the smart contract has been reduced from 5 wallet addresses to 2 wallet addresses. The token suffered a great loss of value after this development.
*Not investment advice.
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Source: https://en.bitcoinsistemi.com/giant-whale-one-of-the-first-adopters-of-pepe-sold-all-of-its-tokens-heres-its-net-profit/