Memecoin Trader made $13 million with PEPE

A strategic trader made the most of his money after making over 1,000 times his profits with PEPE. Despite the recent frog-themed token crisis, investor memecoin has made millions. Likewise, whales have continued to accumulate PEPE as it resumes its upward trajectory.

Memecoin Trader Earns Millions

According to Lookonchain data, a memecoin trader named James Wynn multiplied his PEPE investment 1,503 times. Wynn purchased the token in its early days, acquiring 2.83 trillion PEPE for $8,524. When the token started gaining momentum, he sold more than half of his holdings, 1.81 trillion tokens, for $4.57 million.

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After the frog-themed memecoin became a market sensation, the trader’s unrealized profits on his remaining bag grew exponentially. Currently, Wynn holds 1.02 trillion PEPE across three portfolios worth $8.25 million.

The merchant’s total profits from PEPE are $12.8 million. However, if he had kept his chips, the winnings would have exceeded $20 million.

According to the blockchain research platform, Wynn’s exploit does not stop at PEPE. He also made over $800,000 trading other memecoins throughout the week. He recently purchased five tokens, two of which remain profitable: BOBO and ANDY.

At the time of the report, the trader had purchased over 273.62 billion BOBO for $138.263, making a profit of $430,000. Likewise, he acquired 4.711 billion ANDY for $115.493, earning over $338,000.

Still, not all of Wynn’s trades resulted in success. According to Post

Breakdown of the 20 tokens traded by Wynn. Source: Lookonchain

Whales go on a PEPE buying spree

As reported According to NewsBTC, recent data showed that the decline in PEPE prices over the past month has reduced the number of addresses making gains. However, this has not stopped whales from accumulating tokens.

This week, a whale accumulated 211.6 billion PEPE from Binance, Gateio and Uniswap. The address purchased the tokens for an average of $0.000007291, spending $1.54 million. The buying frenzy became profitable as, a few hours later, the price of the token increased by 17%.

According to Spot On Chain, the value of holdings jumped to $1.72 million, realizing $173,000 in unrealized profits. Other reports suggest that whales continued to accumulate and profit from their PEPE holdings.

However, the token’s market activity decreased by 22.1% over the past 24 hours, with a daily trading volume of $1.2 billion. PEPE’s market capitalization also fell by 1.58%.

Despite this, the token regained its place as the third largest memecoin by this measure, as dogwifhat (WIF) lost 13.88% of its market cap in the last day. It should be noted that WIF reversed PEPE on March 28 after becoming the new sensation in the crypto market.

At the time of writing, PEPE is changing hands for $0.000007821, representing an 11.4% decline in the monthly time frame. Nonetheless, the token continues to recover, recording a 52.2% rise over the past seven days.

PEPE's recovery in the seven-day chart. Source: PEPEUSDT on TradingView

Featured image from Unsplash.com, chart from TradingView.com

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