A crypto trader with a soft spot for meme coins has netted approximately 38,675% profit on a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival, according to on-chain data.
Per blockchain tracker Lookonchain, the trader purchased four trillion of the Pepe (PEPE) meme coin at a price of 2.1 Ethereum (ETH) worth $4,410 at the time.
Lookonchain says that a big portion of the four trillion Pepe was sold while a balance of less than one trillion now remains – all translating to a combined realized and paper profits of over $1.705 million.
“A SmartMoney bought 4 trillion PEPE at a cost of 2.1 ETH ($4,410) and made approximately $1.71 million!
And this guy also traded a lot of MEME coins.
The SmartMoney discovered PEPE and spent 2.1 ETH ($4,410) to buy four trillion PEPE six hours after PEPE was listed.
After each price surge in PEPE, he sold part of PEPE instead of selling all of them.
He sold a total of 3.27 trillion PEPE for $906,000 and currently holds 700 billion PEPE worth $808,000.”
PEPE is trading at $0.000000938926 by market cap at time of writing and is ranked 106th largest crypto asset.
According to the on-chain data tracker, the trader who mostly transacts on the Ethereum blockchain has also netted triple-digit profits on two other lesser-known meme coins.
“This smart money has transactions on almost every chain, and 97% of assets are on Ethereum.
He also bought BULL at $0.00075, now at $0.0045, which increases 500%.
And bought BABYPEPE at $0.00000000024, now at $0.00000000123, which increases 415%.”
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Source: https://dailyhodl.com/2023/05/04/trader-nets-38675-profit-on-new-dogecoin-and-shiba-inu-competitor-thats-up-6x-in-two-weeks-on-chain-data/