A cryptocurrency trader has made waves in the market, turning $3,000 into $73 million with Pepe Coin. PEPE is looking for further upside, showing bullish data amid the current decline.
Against the backdrop of a year-end bull market, a cryptocurrency trader has attracted widespread attention. On Tuesday, on-chain statistics showed that this trader turned a mere $3,000 into an astonishing $73 million using the frog-themed meme cryptocurrency, Pepe Coin. Notably, this trading strategy has garnered significant attention, as the price of PEPE recently hit a new high before showing signs of weakening.
Given that this trader sold trillions of tokens during the highest price surge in cryptocurrency history, market observers predict whether this meme coin has reached the peak of the current bull market.
According to the latest data from Lookonchain, a cryptocurrency trader turned $3,000 into $73 million using Pepe Coin. Notably, this trading strategy has drawn widespread attention, as this frog-themed meme token hit a new high before the recent market plunge.
According to data, as of April 15, 2023, this trader invested $3,000 to purchase 49.1 trillion tokens. Over time, the trader gradually sold off their holdings, cashing out 30.3 trillion tokens for a profit of $27.5 million. Notably, the trader's recent trading activity was recorded as selling another 10 billion tokens for a profit of $2.8 million. Furthermore, even after significant sell-offs, this market enthusiast still holds 18.8 trillion tokens, bringing their total profit to $73 million.
Although this trading strategy has sparked significant market discussion, it is worth noting that market observers have speculated on the future price movement of this asset. Given the intention to take profits, the trader's remaining holdings may face further sell-offs. However, the remaining holdings also indicate confidence in one of the leading meme tokens by market capitalization and its future price movements.
Additionally, recent whale data reinforces investor optimism towards frog-themed meme tokens. Another article from Lookonchain shows that the same whale's 9 wallets spent 13.8 million DAI to acquire 555 billion PEPE at an average price of $0.000025. This large-scale purchase highlights the increasing buying pressure for this asset, enhancing market optimism about future price movements.
What is the outlook for frog-themed meme tokens?
As of the writing of this article, despite significant buying, the price of PEPE has dropped 1.5% during the day, currently trading at $0.00002529. Its 24-hour low and high prices were $0.00002244 and $0.00002825, respectively, also marking a new high. Furthermore, broader charts emphasize the ongoing bull market for this token, with weekly and monthly gains reaching 23% and 122%, respectively. This broader upward movement aligns with the bullish momentum of the fourth quarter, and the token has witnessed an increase in buying volume over the past few days.
Meanwhile, CoinGape Media's recent analysis of the PEPE price indicates that the token's price could double. This bullish prediction is based on a hefty fund of $1.14 billion held by whales. Cryptocurrency traders and investors continue to optimistically monitor this token, anticipating that it will further rise given the recent bullish on-chain statistics.
