An early investor in the meme-inspired cryptocurrency $PEPE has recently cashed out a significant profit. They initially invested a small amount, just over $460, and have now made around $3.4 million, marking an impressive gain of nearly 740,000%.
According to data from Lookonchain, the investor used only 0.22 ETH to purchase their PEPE tokens in April of the previous year. This initial investment yielded them a total of 324.9 billion PEPE tokens. Recently, they transferred the final portion of 182.9 billion tokens to Binance, effectively selling off their entire position for $3.4 million.
The investor's decision to sell coincides with the meme-inspired cryptocurrency reaching new highs, briefly surpassing the $0.000014 mark before a slight correction. This surge aligns with a broader rally in the cryptocurrency market, which saw an increase of over $200 billion in total market capitalization.
The driving force behind the market surge appears to be speculation surrounding the potential approval of spot Ether exchange-traded funds (ETFs) in the U.S. The Securities and Exchange Commission (SEC) has unexpectedly requested updates to key filings related to these products, leading to speculation that they may be considering approval.
This market surge resulted in Ethereum itself experiencing a 20% increase in value in a single day, with various Ethereum-related tokens, including memecoins, also seeing significant gains. Notably, this is not the first time an investor has made substantial profits with PEPE; an earlier instance saw a whale making over $3.3 million with the token.
Analyzing the trader's wallet, it's evident that they frequently invest in newly launched memecoins, hoping to catch the next big trend. While they have been early investors in several popular memecoins, they have also dabbled in some that faded away shortly after launch, as indicated by data from Etherscan.
May 2024, Cryptoniteuae