Whales are making huge profits amidst another market-wide rally, with a recent PEPE transaction demonstrating the staggering potential of meme coin investments.
Lookonchain revealed that the PEPE whale fetched an extraordinary return on investment. After being dormant for 600 days, the entity transferred all 2.1 trillion PEPE tokens, which are worth around $52 million, to a new address.
What makes this move interesting is the initial investment: the whale spent a mere 0.0135 ETH (approximately $27 at the time) to acquire the tokens. This translates to an incredible 1,900,000x return. This transfer raises questions about the whale’s next move, whether it’s a sign of profit-taking or a strategic reshuffling of assets.
PEPE, based on the beloved internet meme Pepe the Frog, has emerged as a star performer in the crypto market. The price dropped briefly after Binance delisted certain trading pairs, but, zooming out, the meme coin has surged by 1,500% over the past year alone.
Despite lacking tangible use cases, meme coins like PEPE continue to mint new millionaires. In a notable example from May’s meme coin mania tied to the GameStop revival, an investor transformed a $3,000 stake into a mind-blowing $46 million – a 15,718x return.
Several meme coins, including the ones that are politically and culturally inspired tokens, have also yielded life-changing returns for opportunistic traders.
MAGA (TRUMP), a meme coin linked to US President-elect Donald Trump, saw a massive price resurgence in July following an attempted assassination on the presidential candidate. Lookonchain found that one savvy trader, who bought 1.08 MAGA tokens late last year, potentially sold their holdings for nearly $8 million – a jaw-dropping profit from a minimal investment.
Nevertheless, meme coins remain highly volatile and risky assets, so investors should be wary when allocating funds into them.
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