An unidentified trader has raked in a staggering $46 million in profit by investing in the Pepe (PEPE) memecoin.
An unidentified trader has raked in a staggering $46 million in profit by investing in the Pepe (PEPE) memecoin. This remarkable achievement represents an astronomical return of 15,718 times the trader's initial investment of $3,000. The trader, whose identity remains a mystery, purchased 4.9 trillion PEPE tokens for a mere $3,000 on April 15, 2023. As of now, this investment is valued at over $56 million. The trader decided to sell 1.41 trillion PEPE tokens, earning a handsome $7.4 million, while still retaining 3.5 trillion PEPE tokens worth a substantial $38.9 million, according to Lookonchain.
Pepe currently boasts a market capitalization of $4.5 billion, positioning it as the third-largest memecoin, trailing only Dogecoin and Shiba Inu (SHIB). Over the past seven days, Pepe has experienced a remarkable surge of more than 40%..
Interestingly, the recent rally of Pepe may be linked to the resurgence of the GameStop stock craze. The GameStop stock (GME) began its ascent on May 13, following the unexpected return of Keith Gill, the individual widely credited with initiating the 2021 GameStop short squeeze, after a three-year hiatus from social media.
PEPE achieved a new all-time high of over $0.00001156 on May 15, just days after Gill resurfaced online. Notably, GameStop shares skyrocketed by over 111% within 24 hours of Gill's reappearance, outperforming Bitcoin's annual returns in just a single day. While it remains challenging to predict the start of an all-encompassing memecoin run, some traders speculate that the profits gained from GameStop will flow into alternative cryptocurrencies, mirroring the trend observed during the 2021 bull run.
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