A cryptocurrency trader has recorded a massive 24,656-fold return betting on the Pepe (PEPE) meme coin, one of the standout performers at the current market rally.
Details of the trade indicate that the investor made an initial investment of $3,000, which has surged into an eye-popping $73 million, according to data shared by cryptocurrency on-chain analysis platform Lookonchain on December 10.
The analysis revealed that the investment journey began on April 15, 2023, when the trader purchased 4.91 trillion PEPE tokens. Their position skyrocketed as PEPE surged, breaking the all-time high of $0.000028.
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By strategically selling portions of their PEPE holdings over time, the trader cashed out 3.03 trillion tokens, pocketing $27.5 million in profits.
But they didn’t stop there. The remaining 1.88 trillion PEPE tokens, now valued at approximately $45.66 million, continue to contribute to their total profit, reaching $73 million. Additionally, they sold another 100 billion PEPE tokens, netting $2.8 million in profit.
The trader is among many who have tapped into the meme coin craze to profit. At the center of this craze are coins developed on the Solana (SOL) blockchain, which has gained massive popularity due to its low fees, high transaction speeds, and strong community engagement.
Platforms such as Pump.Fun has also boosted the ecosystem by enabling seamless launches of coins, with the successful ones primarily leveraging trending social topics alongside listing on major exchanges. However, not all profits have been genuine, as concerns about insider trading have surfaced.
PEPE records massive capital inflow
Meanwhile, PEPE has witnessed notable capital inflows in recent weeks, surpassing some established names in the crypto market. With a market cap of $10.32 billion, PEPE now ranks 19th among cryptocurrencies, ahead of Bitcoin Cash (BCH), Uniswap (UNI), and Litecoin (LTC).
As of press time, PEPE was trading at $0.0000243, with losses of about 8% in the last 24 hours. On the weekly chart, the meme coin has rallied over 20%.
The token’s recent momentum can be attributed to several factors, such as a surge in whale activity and broader accessibility through platforms like MoonPay.
For instance, on-chain cryptocurrency analyst Ali Martinez noted that whales increased PEPE holdings by $1.14 billion over the past weekend. Such transactions signal confidence in the token and could set the stage for further price growth.
Additionally, MMoonPay’s integration allows over 20 million users in 180 countries to purchase PEPE via services like Apple Pay and Venmo, contributing to broader adoption.
However, PEPE’s prospects also depend on Bitcoin’s (BTC) general trajectory, as the token’s performance has aligned with the leading cryptocurrency’s recent surge to a high of over $100,000.
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