1,503x Profit: How A Memecoin Trader Made $13 Million With PEPE
April 25 2024 - 2:30PM
NEWSBTC
A strategic trader has made the most of his money after making over
1,000x profit with PEPE. Despite the recent frog-themed token
slump, the memecoin investor gained millions. Similarly, whales
have continued accumulating PEPE while it resumes its upward
trajectory. Related Reading: Solana Meme Coin Massacre: 12 Projects
Gone In 30 Days, $27 Million Vanished Memecoin Trader Makes
Millions According to Lookonchain data, a memecoin trader named
James Wynn multiplied its PEPE investment by 1,503. Wynn bought the
token in its earlier stages, acquiring 2.83 trillion PEPE for
$8,524. When the token started gaining momentum, he sold over half
his holdings, 1.81 trillion tokens, for $4.57 million.
jwynn.eth(@JamesWynnReal) – A smart trader who made $12.8M(1,503x)
on $PEPE. He also traded $BOBO and $ANDY recently, making another
$818K! 1/ Let’s dig into his trades.👇 pic.twitter.com/2vOkjObVPr —
Lookonchain (@lookonchain) April 24, 2024 After the frog-themed
memecoin became a market sensation, the trader’s unrealized profits
on his remaining bag exponentially increased. Currently, Wynn holds
1.02 trillion PEPE in three wallets worth $8.25 million. The
trader’s total profits from PEPE total $12.8 million. However, if
he had held onto his tokens, the gains would have exceeded $20
million. Per the blockchain research platform, Wynn’s feat doesn’t
end with PEPE. He has also made over $800,000 trading other
memecoins over the week. He recently bought five tokens, two of
which remain profitable: BOBO and ANDY. At the time of the report,
the trader bought over 273.62 billion BOBO for $138.263, making a
profit of $430,000. Similarly, he acquired 4.711 billion ANDY for
$115.493, gaining over $338,000. Nonetheless, not all of Wynn’s
trades resulted in success. According to the X post, the trader has
a 45% success rate, gaining over $13.7 million with nine memecoins
and losing around $350,000 on eleven tokens, including some rug
pulls. Breakdown of the 20 tokens traded by Wynn. Source:
Lookonchain Whales Go On PEPE Buying Spree As reported by NewsBTC,
recent data showed that PEPE’s price decline over the last month
has reduced the number of addresses carrying gains. However, this
has not stopped whales from accumulating the token. This week, a
whale accumulated 211.6 billion PEPE from Binance, Gateio, and
Uniswap. The address bought the tokens at an average of
$0.000007291, spending $1.54 million. The buying spree turned
profitable as, some hours later, the token’s price increased by
17%. According to Spot On Chain, the holdings’ worth surged to
$1.72 million, making $173,000 in unrealized profits. Other reports
suggest that whales have continued accumulating and taking profits
from their PEPE holdings. However, the token’s market activity
decreased by 22.1% in the last 24 hours, with a $1.2 billion daily
trading volume. PEPE’s market capitalization has also dropped
1.58%. Despite this, the token has regained its spot as the third
largest memecoin by this metric, as dogwifhat (WIF) lost 13.88% of
its market cap on the last day. It’s worth noting that WIF flipped
PEPE on March 28 after becoming the newest sensation in the crypto
market. As of this writing, PEPE is changing hands for
$0.000007821, representing an 11.4% drop in the monthly timeframe.
Nonetheless, the token continues recovering, registering a 52.2%
surge in the last seven days. Related Reading: FLOKI And BONK Drop
5% After Revolut Listing Announcement 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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