Blockchain tracker Lookonchain reports that one experienced cryptocurrency trader made a 10,000,000% return in less than two years on its Dogecoin (DOGE) and Shiba Inu (SHIB) competitors.
According to Lookonchain, an anonymous trader initially bought the memecoin Pepe (PEPE), growing it from $70.40 to $7.06 million in just 20 months.
“An initial buyer who spent only 0.035 ETH ($70.40) to purchase 2.61 trillion PEPE (currently $57.3 million) deposited the remaining 189.4 billion PEPE ($4.15 million) into Kraken (Thursday). Despite selling most of his PEPE early on, he turned $70.40 into $7.06 million. “This is a return of over 100,000 times.”
Lookonchain also discovered other large Pepe holders who realized huge profits this week.
One of Pepe’s traders was found to have made profits of over 3,018%.
“After holding for over a year, this trader turned $241,500 into $7.53 million! The trader withdrew 375.65 billion PEPE (then worth $241,500) from Gemini on September 20, 2023, and sold 19.55 billion PEPE for $244,000 between February 17 and September 26 of this year. (Tuesday) he deposited the remaining 356.1 billion PEPE ($7.28 million) into Kraken.”
Another Pepe trader realized a profit of $1.31 million.
“One whale bought 240 billion units ($3.64 million) of PEPE at a high price on May 29, and the price of PEPE subsequently fell. But instead of panic selling, he held on for six months. (Wednesday) he sold 240 billion PEPE ($4.95 million) for a profit of $1.31 million!”
Despite profit-taking, Lookonchain has noticed massive buying still taking place by deep-pocketed investors.
“Whales continue to accumulate PEPE! Whales withdrew $337.09 billion worth of PEPE ($6.92 million) from Binance over the past 20 days.”
PEPE is trading at $0.00002113 at the time of writing, down 2.4% in the last 24 hours.
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