Savvy Crypto Trader Sees 3,263,900% Profit from Meme Coin Investment
On-chain data reveals that a trader has netted a staggering profit from a new Dogecoin (DOGE) and Shiba Inu (SHIB) rival.
According to blockchain tracker Lookonchain, the investor bought over 2.5 trillion of meme coin Pepe (PEPE) using $25 worth of Ethereum (ETH).
Staggering Profit
The value of the purchased PEPE is now $816,000, meaning the trader saw a staggering 32,000x profit.
Trading History
Lookonchain also notes that the trader has traded other “shitcoins” over the last two years, netting about $2 million in profit.
Trading Success
“This guy is really good at trading shitcoins! He bought 2.52 trillion PEPE ($816,000 currently) with 0.013 ETH ($25), which made him a 32,000X profit. He has traded 3,000+ shitcoins in the past 2+ years and probably realized ~$2 million in profit.”
Other Successful Trades
Another example would be the investor’s purchase of data-trading blockchain Machine Exchange Coin (MXC). The blockchain tracking platform found that they bought MXC using 0.5 ETH in June 2021 and sold them for 142.5 ETH just 30 minutes later, a 284x profit.
Risks Associated with Trading PEPE
However, according to token security detection platform GoPlus Labs, there are some honeypot risks associated with trading PEPE, such as an anti-whale measure intended to limit the number of tokens that can be purchased at the same time, the ability of the said measure to be modified, and a blacklist that can ban certain users from being able to buy the token.
Current Market Prices
PEPE is trading for $0.000000299 at time of writing, a 12% drop during the last 24 hours while MXC is valued at $0.0183, a 2.5% drop on the day.
Conclusion
The success of this trader is a testament to the potential of the cryptocurrency market, despite the risks involved. As the market continues to evolve, it is essential for investors to stay informed and do their due diligence before making any high-risk investments.
FAQs
Q: What is Pepe (PEPE)?
A: Pepe is a meme coin that has gained popularity in recent times.
Q: How did the trader make such a massive profit?
A: The trader bought PEPE using $25 worth of Ethereum (ETH) and saw a 32,000x profit.
Q: What are the risks associated with trading PEPE?
A: According to GoPlus Labs, there are honeypot risks associated with trading PEPE, including an anti-whale measure, the ability to modify the measure, and a blacklist.
Q: What is the current market price of PEPE?
A: PEPE is trading for $0.000000299 at time of writing, a 12% drop during the last 24 hours.
Q: What is the current market price of MXC?
A: MXC is valued at $0.0183, a 2.5% drop on the day.
